George Soros: the repentant billionaire who considered Bitcoin a “bubble” and now invests in crypto

George Soros Cryptocurrencies

George Soros was very clear in 2018: cryptocurrencies are a “bubble.” The 90-year-old tycoon born in Hungary is one of the richest men in the world thanks to his financial investments that until May 2020 reached a net worth of more than $3.2 billion. In recent times, through Soros Fund Management, his private financier, he entered the world of cryptocurrencies and surprised the world with his change of opinion.

“Cryptocurrencies are a typical scam and bubble, always based on some kind of misunderstanding,” Soros said in 2018 when asked in an interview.

George Soros who considered Bitcoin a "bubble"

Bitcoin is not a currency because a currency is supposed to be a stable store of value and a currency that can fluctuate 25% in a day cannot be used, for example, to pay wages because salaries could fall 25% in one day. It’s speculation. Based on a misunderstanding,” he concluded.

At the beginning of the year, it was known that the firm New York Digital Group, provider of technological solutions and investments for Bitcoin, completed a round of growth capital of $200 million. On the list of strategic partners was Soros Fund Management.

As reported by the U.S. media, the tycoon began operating with Bitcoin as the firm’s commercial strategy to explore a greater range of digital assets. Soros thus joins the group of entrepreneurs who begin to support investment in cryptocurrencies such as Mark Cuban and Elon Musk (in the case of Dogecoin).