George Soros gave a speech at the World Economic Forum in Davos, Switzerland Thursday. The legendary investor commented on Bitcoin:

"Bitcoin is not a currency because a currency is supposed to be a stable store of value and the currency that can fluctuate 25% in a day can't be used to pay wages because wages could drop by 25% in a day. It's a speculation based on a misunderstanding."

However, Soros believes that blockchain is an innovative technology which can be put to positive use. "For example, we use it actually in helping migrants to communicate with their families and to keep their money safe and to carry it with them."

George Soros is known as "The Man Who Broke the Bank of England" because of his short sale of US$10 billion worth of Pound sterling, making him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis.

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