Soros Fund’s CEO: Recession Is Inevitable and 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 executive said that ethereum would gain more traction than bitcoin, but there was one caveat.

She also mentioned that “the blockchain technology will have some great uses.”

Fitzpatrick’s U.S. Economy and Recession

Chief of Soros Fund Management shared her views on reports that the U.S. economic growth slowed in the first quarter. “When you look at the GDP number, the most important point is that net imports were negative. This means that we are importing lots of goods from overseas. This is because of strong consumer and corporate demand. 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 said that there was no doubt that interest rates would rise and that the Fed would move quickly. However, interest rates net inflation are still negative so monetary policy remains very easy.

She said, “I don’t believe we’ll avoid another recession.” It will likely be farther out than people think.

Rate this post