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George Soros Fund Manager Don Fitzpatrick said that he continues to maintain an optimistic mood towards the cryptocurrency market, despite the correction, which has been going on for several months. He said this in an interview with Bloomberg. The CEO of Soros Fund Management assured that ethereum digital silver (ETH) will receive much more support compared to the flagship virtual currency Bitcoin (BTC).
Fitzpatrick noted that in the modern world, much attention is paid to the issues of environmental pollution, namely the release of carbon dioxide into the Earth’s atmosphere as a result of bitcoin mining. According to him, this inhibits the mass adoption of digital gold as a legal means of payment, since the cryptocurrency functions thanks to the energy-consuming consensus algorithm of proof-of-work (Proof-of-Work).
The financier stressed that Ethereum will drastically reduce the network’s energy consumption by switching to a Proof-of-Stake mechanism by the end of 2022. Market analysts recalled that the founder of the blockchain, programmer Vitalik Buterin, promised that the merger of networks will take place in 3 months.
Fitzpatrick said that most likely, this virtual asset will eventually become mainstream in the cryptocurrency world. The fund manager Soros also expressed the opinion that the blockchain will find new applications in modern society.
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