Soros Foundation: Ethereum will help to improve the environment, and therefore it is the future

Soros Foundation CEO Dawn Fitzpatrick is convinced that Ethereum will gain more support from the crypto community than bitcoin. The reason for this, according to Fitzpatrick, will be the high energy consumption of bitcoin, which is based on the Proof-of-Work algorithm.

Unlike BTC, Ethereum is going to switch to the Proof-of-stake algorithm, and therefore significantly reduce energy consumption. The cryptocurrency’s co-founder Vitalik Buterin said that the update could take place as early as August this year.

Still, bitcoin will not disappear, because this cryptocurrency has already become mainstream, Fitzpatrick is sure. In her opinion, bitcoin will still have a use. The fund’s CEO also warned about the risks of investing only in cryptocurrencies — in her opinion, the lack of asset diversification is too risky. Even though the Soros family fund has Cryptocurrencies in its assets.

It is worth reminding you that bitcoin has been steadily losing value lately. It even set an anti-record recently, closing the ninth consecutive week with a red candle. However, over the past day, the rate of the No. 1 cryptocurrency has risen and is now around $ 31 500.