Soros Foundation CEO Don Fitzpatrick is convinced that Ethereum will receive more support from the crypto community as opposed to bitcoin. The reason for this, Fitzpatrick believes, 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. Cryptocurrency co-founder Vitalik Buterin said that the update could take place in August this year.
And yet bitcoin will not disappear, because this cryptocurrency has already become mainstream, – said Fitzpatrick. According to her, there will still be applications for bitcoin. The fund’s CEO also warned about the risks of investing only in cryptocurrencies – in her opinion, the lack of diversification of assets is too risky. Even though the Soros family fund has PTS in its assets.
It will be recalled that bitcoin has been steadily losing value recently. He set an anti-record by closing the red candle for the ninth week in a row. However, over the past 24 hours, the cryptocurrency rate № 1 has risen and now stands at about $ 31,500.