Bitcoin Forum

Legendary currency trader, hedge fund titan, philanthropist George Soros, 87, delivered his yearly talk at The World Economic Forum 2018 in Davos, Switzerland. At the end of his remarks, an audience question asked the mogul his thoughts on cryptocurrencies generally and bitcoin in particular.


A balding moderator chose to read from an audience question. He asked Mr. Soros,  “Somebody says, ‘You’re a currency speculator. What do you think of cryptocurrencies? Is bitcoin a bubble, and do you have a position in cryptocurrencies?’”

Mr. Soros grinned, looking every bit of his approaching 90 years old, and seemed to acknowledge the obvious grin spreading across the room and his face. “Well,” he laughed while scratching his head momentarily, “cryptocurrency is a misnomer, and it’s a typical bubble which is always based on some kind of misunderstanding.”

His currency speculation isn’t like most. Mr. Soros’ currency moves have damn near sacked entire economies. Just ask the Bank of England. Or most of Asia at one time or another. Currency? You can say he knows a little something, yes.

Stammering to collect his next thought, Mr. Soros clarifies, “Bitcoin is not a currency. A currency is supposed to be a stable store of value. And a currency that can fluctuate twenty five percent in a day can’t be used, for instance, to pay wages because wages could drop twenty five percent in a day. So, it’s a speculation based on a misunderstanding,” he stressed.

More info: https://news.bitcoin.com/george-soros-bitcoin-propped-up-by-dictators/

Dictators would be the ones who are mostly against Bitcoin. It is something they cannot control by force, even in their own countries. Look at all the countries which are anti-Bitcoin - Venezuela, China, Russia... they aren't exactly proponents of free speech and free thought.
As far as his comments on Bitcoin's volatility hindering its use as a currency - they may very well be true. Bitcoin could evolve to be something akin to digital gold.

In other news, Soros is so old he farts dust, and can't wrap his ossifying neurons around a new asset class.

What does it matter what he thinks? Buffett doesn't understand it either, but it doesn't stop Bitcoin from kicking the collective asses of every asset class out there.

Dinosaurs get buried by history, adopters are the real risk-takers.

The income of the magnates of the type of Soros is largely based on corruption. There are always officials that money disclose such speculators as it is the data which will become known to all men only a few hours or days. This allows you to make them their millions. In the case of bitcoin this is impossible. Therefore, their knowledge and skills can be of practical value in cryptocurrency market.

It's funny how these traditional market gurus just can't accept that Bitcoin is being adopted by the average person and institutional investors. It's not the first, and definitely not the last attempt where these oldies try to talk down on Bitcoin like it doesn't have any purpose, and that the only reason it has value is because of criminals, terrorists, and now even dictators, lol. Like seriously, just retire already you old man. That dude can barely stand up for a minute or two without holding on to something to maintain his balance. The market has changed, and within ten years from now on, it won't be anything like what it is today anymore. It's either adapt to the new situation, or be left behind to later realize what you have missed out on.