The Legend of Investor Soros: Cryptocurrencies a Bubble Yet Bitcoin to Live
January 28, 2018
In the course of his speech at World Economic Forum in Davos this Wednesday globally famous investor George Soros called cryptocurrencies “a bubble” but predicted long life for Bitcoin.
“It’s a typical bubble which is always based on some kind of misunderstanding”, he said.
Despite his statement, Soros added Bitcoin is the only digital currency that is unlikely to collapse soon:
“I think, as long as you’ve got dictatorships on the rise, you will have a different ending because the rulers in those countries are going to turn to bitcoin to build a nest egg abroad”.
During the conversation Soros also gave positive estimate to the Blockchain technology having added his Open Society Foundation already use it for secure migrants’ funds storage.
Cryptocurrencies and their technologies may be said to be the crux of the matter at the last forum. Thus, US Secretary of the Treasury Steven Mnuchin and UK Prime Minister Theresa May claimed illegal or criminal use of Bitcoins to be the cause for growing need in appropriate regulation. Joseph Stiglitz, a Nobel Prize winner in economics, said Bitcoin is useless as it tries to solve the problems that never existed.