Soros Fund Management CEO Don Fitzpatrick remains optimistic about digital assets despite recent lawsuits SEC to Binance and Coinbase.
“I think crypto is here to stay.”
CEO & Chief Investment Officer, Soros Fund Management, Dawn Fitzpatrick on the downfall of digital assets and how larger financial firms could take the opportunity to lead. #BloombergInvest @ErikSchatzker pic.twitter.com/57pFj0QeUL
— Bloomberg Live (@BloombergLive) June 7, 2023
In an interview with Bloomberg, she noted that there is an opportunity for established financial companies to take a leading position in the cryptocurrency sector.
Fitzpatrick sees the current litigation with the regulator as a setback that provides an opportunity for traditional financial institutions to intervene in the digital market and set standards.
The average consumer is also likely to benefit from such a shift because regulated entities “properly segregate customer assets.”
“Especially from the headlines of the last few days, it is clear that crypto platforms would benefit if there was an adult in the room. There are long and simple rules for how you handle client assets,” Fitzpatrick explained.
The head of Soros Fund Management added that cryptocurrencies have been “mismanaged” throughout their existence. In her opinion, applied to Tradfi norms could be useful in the initial stages of the introduction of cryptocurrencies.
Fitzpatrick believes that digital assets are “not going anywhere.” However, it is likely that established financial firms will take over in the future as investor confidence in some platforms wanes.
Recall that Dan Tapiero, co-founder of 10T Holdings and Gold Bullion International, predicted an “explosive” bull market. In his opinion, by 2025 the total capitalization of cryptocurrencies will reach $6-8 trillion.
In May, former BitMEX CEO Arthur Hayes predicted a new rally for Bitcoin by 2024, driven by the upcoming halving.
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