Dawn Fitzpatrick is Soros Fund Management’s chief executive officer and chief investment officer. She believes that cryptocurrency will be around for a while and has already become mainstream. She believes that a recession will be inevitable.
Soros Fund CEO: Crypto is Here to Stay
Dawn Fitzpatrick is the chief executive officer and chief investment officer at Soros Fund Management. This interview was aired Tuesday by Bloomberg. Soros Fund Management was established in 1970 by George Soros with Jim Rogers, his ex-business partner.
Fitzpatrick was asked her opinion on crypto. She responded to a question about Fidelity’s announcement that bitcoin investments could be allowed in retirement accounts 401(k).
It is here to stay. It’s mainstream, I believe.
“The only caveat I would add is that… climate impact will become increasingly focused so, within that context, ethereum I believe is likely to gain more traction than bitcoin.”
She also mentioned that “the blockchain technology will have some great uses.”
Fitzpatrick’s U.S. Economy and Recession
Chief of Soros Fund Management, Sheryl Soros, shared her views on reports that the U.S. economic growth slowed in the first quarter. When you look at the GDP figure, the most important point to me is that it fell because of net imports. This means that we import a lot from overseas. This is because both consumer and corporate demand are strong. She explained that there is a silver lining to the GDP reading.
Fitzpatrick responded to a question asking if she believes a recession is imminent.
A lot of talk has been made about the imminent recession. The bottom line is that a recession is almost certain. It’s just a matter of when.
The Soros Fund executive stated that high inflation and the Federal Reserve raising interest rate were a concern. “There is no doubt that interest rates will go higher and the Fed will move very fast. However, interest rates net inflation are still negative so monetary policy remains very easy.
She concluded that “I don’t believe we’ll avoid a recession.” It will likely be farther out than people think.