George Soros is preparing to invest in cryptocurrencies. BITCOIN world news.

After underestimating cryptocurrencies and labeling them as a bubble, billionaire financier George Soros has taken a sharp turn and is now preparing to invest in virtual assets.

" Bitcoin is not a currency because a currency is supposed to be a stable deposit of value. The currency which can fluctuate by 25% in one day cannot be used, for example, to pay wages, because wages fall by 25% in one day. It's a speculation based on a misunderstanding, " George Soros said at the World Economic Forum in Davos.

"It's a typical bubble, which is always based on a misunderstanding, like a tulip mania - in reference to the historical tulip crisis."

However, despite this bleak analysis, Soros's empire is now preparing to invest in cryptocurrencies, reports Bloomberg.
Bitcoin Wiki George Soros is preparing to invest in cryptocurrencies

Adam Fisher, who oversees the macro investments of Soros Fund Management, obtained the approval to invest in this type of currency.

However, for the moment the foundation has not yet opted for any digital asset.

The value of bitcoin, the number one virtual currency, has fallen by more than 40% since Soros made his somber predictions in January.

According to Jan Lansky, a cryptocurrency is a system that meets six conditions:
  • The system does not require a central authority, distributed achieve consensus on its state.
  • The system keeps an overview of cryptocurrency units and their ownership.
  • The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the conditions of their origin and how to determine the ownership of these new units.
  • Ownership of cryptocurrency units can be proved exclusively cryptographically.
  • The system allows transactions to be performed in which ownership of the cryptographic units is adjusted. A transaction statement can only be issued by an entity proving the current ownership of these units.
  • If two distinct instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.

In March 2018, the word cryptocurrency was added to the Merriam-Webster Dictionary.

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