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.
George Soros Believes Bitcoin’s Bubble is Maintained by Dictators
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/
