Soros Fund's CEO says crypto is here to stay and a recession is inevitable. cryptocurrency bitcoin $BTC
Soros Fund Management’s chief executive and chief investment officer, Dawn Fitzpatrick, says cryptocurrency is here to stay and it’s already gone mainstream. She also believes that a recession is inevitableDawn Fitzpatrick, chief executive and chief investment officer of Soros Fund Management, discussed cryptocurrency and the U.S. economy in an interview with David Rubenstein, aired Tuesday on Bloomberg.
Fitzpatrick was asked about her view on crypto. Referencing Fidelity’s announcement to allow bitcoin investments in 401 retirement accounts, she replied:The executive added: “The one caveat I would say is … climate impact is going to become increasingly focused so, in that context, I think ethereum is likely to gain some more traction over bitcoin.”Fitzpatrick on the U.S. Economy and Recession
The Soros Fund Management chief shared her thoughts on reports that the U.S. economy shrank in the first quarter of this year. “When you look at that GDP number, I think the really important point is the reason it shrank is because of net imports, which were negative, which means we are importing a lot of goods from abroad. And that’s because consumer and corporate demand is robust. So I think there’s a silver lining in the reading of that GDP number,” she explained.
Regarding high inflation and the Federal Reserve raising interest rates, the Soros Fund’s executive said: “There is no doubt interest rates are going to go higher and the Fed is going to move very very quickly. That said, interest rates net of inflation are still negative, so monetary policy is still really easy.”
She concluded: “I don’t think we’ll avoid a recession. I just think it will be further out than people expect.”
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