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The billionaire who called Bitcoin [BTC] a bubble to invest in digital assets




The billionaire who called Bitcoin [BTC] a bubble to invest in digital assets
Source: Pixabay

Soros Fund Management’s, George Soros, who had once upon a time, stamped Bitcoin as a ‘bubble’ has been reported to start taking part in cryptocurrency trading. At the time, he had stigmatized Bitcoin as a financial tool used by dictators.

On January 26th, Soros made a statement:

“Normally when you have a parabolic curve, eventually it has a very sharp break. But in this case, as long as you have dictatorships on the rise you will have a different ending, because the rulers in those countries will turn to Bitcoin to build a nest egg abroad.”

Soros’ $26 billion family office in New York is now planning on investing in digital tradings. Up until now, many traditional money managers have shunned the concept of digital assets because of restricted track record, regulation, and hiked volatility involved in it. This news was brought forward by Adam Fisher, the Head of the macro investing for Soros Fund Management, according to Bloomberg. They stated that Fisher was granted approval for trading in cryptocurrencies.

As reported by Bloomberg, Soros had been involved in cryptocurrencies since August 2017 when his company became one of the biggest shareholders on, which became the first major e-commerce, retail firm to accept cryptocurrencies.

During a speech at Davos during the World Economic Forum, Soros had quoted that ‘Bitcoin is the Donald Trump of currencies’, showing his dislike to both. He said that ‘digital currencies cannot have the same functionality as actual currencies due the volatility in the market.

George Soros, the Founder of Soros Mangement Fund Management, has more than $25 billion worth assets under him. Aged 87, his business also provides funding to many philanthropic causes.

Clam Chowder commented on Twitter:

“Oh, the guy who is known for identifying overvalued currencies and making lots of money by shorting them is entering crypto. I guess that must be a positive sign.”

Another Twitterati says:

“Get ready for another pump and dump”

Scott C says:

“At one time, i thgt he was a God. Now his brain must be outta tune. dat why Old folks cheated easily, including Soros”

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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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