FXstreet

Legendary investor George Soros joined a chorus of well-known investors calling bitcoin a bubble this week, making his remarks in a speech at the World Economic Forum in Davos, Switzerland Thursday.



"Cryptocurrency is a misnomer and is a typical bubble, which is always based on some kind of misunderstanding," the financier and founder of the $26 billion Soros Fund Management said.

"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 for instance to pay wages because wages drop by 25% in a day. It’s a speculation. Based on a misunderstanding," he added.

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