Fun

Soros Fund’s CEO: Recession Is Inevitable and Crypto Is Here to Stay

News Feed - 2022-06-02 11:06:11

Soros Fund"s CEO: Recession Is Inevitable and Crypto Is Here to Stay


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 inevitable Soros Fund’s CEO: Crypto Is Here to Stay


Dawn 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. Soros Fund Management was founded in 1970 by George Soros and his former business partner Jim Rogers.


Fitzpatrick was asked about her view on crypto. Referencing Fidelity’s announcement to allow bitcoin investments in 401(k) retirement accounts, she replied: It’s here to stay. I think it’s gone mainstream.


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.”


She also noted, “the blockchain technology is going to have some great applications.” 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.


Replying to a question about whether she thinks a recession is coming, Fitzpatrick said: There’s a lot of discussion about a looming recession and the bottom line is a recession is inevitable. It’s a matter of when.


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.” Tags in this story Dawn Fitzpatrick, George Soros, inflation interest rates, Recession, Soros Fund recession, Soros Funds


What do you think about the comments by Soros Fund’s CEO? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. JPMorgan CEO Jamie Dimon Warns of Incoming Economic Hurricane — Says "You Better Brace Yourself" ECONOMICS | 8 hours ago Rich Dad Poor Dad"s Robert Kiyosaki Warns of Stocks and Bonds Crashing — Depression, Civil Unrest Coming ECONOMICS | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleJPMorgan CEO Jamie Dimon Warns of Incoming Economic Hurricane — Says ‘You Better Brace Yourself’ Next articleCo-Founder of Africa Focused Fintech: Traditional Banks Not Optimized to Serve the Unbanked Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Ray Salmond3 hours agoWorldcoin launch raises eyebrows as WLD price notches a double-digit gainWorldcoin price soared to $3.58 shortly after launching but traders and crypto advocates have many concerns.1647 Total views3
Decentralized Lending Protocol Adalend Listing On: ADAPad, BSCPad, ETHPad, VelasPad, PulsePad Launchpads
Decentralized Lending Protocol Adalend Listing On: ADAPad, BSCPad, ETHPad, VelasPad, PulsePad Launchpads sponsored While cryptocurrency and blockchain technology is still relatively
Bitcoin absorbs $100M+ ‘sell-side days’ as bears lose BTC price clout
William Suberg14 hours agoBitcoin absorbs $100M+ ‘sell-side days’ as bears lose BTC price cloutBitcoin in 2024 looks increasingly unlike previous cycles as sellers routinely fail to drive BTC price performance lower
Helen Partz11 hours agoSouth Korea to ask firms to disclose crypto holdings from 2024After initially mandating public officials to declare their crypto, the South Korean authorities now want all local firms to disclose s
Altcoin season brews as bullish trading pattern forecasts explosive price move
Nancy Lubale7 hours agoAltcoin season brews as bullish trading pattern forecasts explosive price moveAnalysts cite a classic trading pattern and growth in the altcoin total market capitalization index as proof of an upco
Binance Becomes Main Sponsor of Argentinian Soccer Association
Binance Becomes Main Sponsor of Argentinian Soccer Association Cryptocurrency exchange Binance has signed a partnership agreement with the Argentinian Soccer Association (AFA), one
Savannah Fortis10 hours agoAlchemy Pay bags money services license in Iowa, expands US servicesThe crypto-fiat payment services provider Alchemy Pay is expanding its presence in the U.S. after acquiring a money services
Crypto Market Values Nosedive Amid Global Market Meltdown, Widening Default Risks
Crypto Market Values Nosedive Amid Global Market Meltdown, Widening Default Risks Crypto markets have dropped a great deal in value over the last 24 hours as crypto assets across t
Interpol Nigeria boosts cybersecurity with virtual asset training
Amaka Nwaokocha11 hours agoInterpol Nigeria boosts cybersecurity with virtual asset trainingThe training will enable officers to effectively address cybercrimes involving virtual assets, particularly stablecoins.930 Tota
Rakesh Upadhyay4 hours agoPrice analysis 7/19: BTC, ETH, XRP, BNB, ADA, SOL, DOGE, MATIC, LTC, DOTBitcoin’s failure to rebound off strong support levels increases the risk of a deeper correction that could also negativ
Dvision Network Has Officially Announced the First LAND Sale in Collaboration With Binance NFT and NFTb on 24th November
Dvision Network Has Officially Announced the First LAND Sale in Collaboration With Binance NFT and NFTb on 24th November press release PRESS RELEASE. Dvision has recently announced
Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes
Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes The Ghanaian and Nigerian central banks have invited financial innovators that wish to b