The idea of cryptocurrency is very similar to now. It seems that fewer people think this industry is a bubble. George Soros is a notorious example in this regard. Earlier this year, he claimed Bitcoin was a bubble. It seems that comments helped push down prices, which may have been part of the plan.
The strange case of George Soros
When George Soros claimed Bitcoin was a bubble, few people were surprised. In January 2018, he described cryptocurrrency as a bubble and a misnomer. In addition, Bitcoin cannot be marked as a currency because it is not a stable value reserve. All these comments have some kind of authenticity, but they are not entirely true.
In the past, the volatility associated with Bitcoin has been well documented. It seems that 2018 brought us more similarities. In the first few months, we have seen a lot of bearish Bitcoin prices pressure. George Soros thinks this is one of the biggest drawbacks of Bitcoin. Even so, his comments may also have the intention to push prices down. At the end of last year, Wall Street players did not pay $19,000 for Bitcoin.
George Soros's comments are attributed to falling prices and are always a big problem. Obviously, Soros is often considered to be his "strategic requirement based on macroeconomic conditions." Even so, claiming that Bitcoin is a bubble may be the worst assessment of his career. In fact, he seems to have completely completed the 180-degree turn of the cryptocurrency.
Cryptocurrency investment decision
Now that bitcoin prices have fallen a lot, George Soros is ready to invest in cryptocurrencies. This rather bizarre decision will only trigger speculation about price manipulation. Although George Soros still believes that the digital currency is not an “actual currency,” the volatility suddenly turns him into a believer. This sudden change in the heart is often part of a larger agenda.
At present, Soros is very satisfied with the development of Bitcoin. With the arrival of the tide, it seems that things may improve from then on. He was not the first Wall Street giant invests in cryptocurrency. Alan Howard and the Rothschild family took very similar steps in this regard. It seems that the interest in cryptocurrency is only growing, even among financial experts.
The biggest question is whether cryptocurrency prices will rebound. Now, the situation still seems very fragile because the situation may change soon. Even so, bear market pressure has continued for a long time. Sooner or later, things will need to be improved again. The price of Bitcoin is likely to return to the five-digit range in the future. How long does this process take? This is someone's guess.