Business magnate George Soros claimed at the World Economic Forum in Davos on Thursday that Bitcoin is "not a currency" because of its high volatility.
Asked about his opinion on digital currencies, Soros insisted Bitcoin is "a speculation, based on a misunderstanding." He noted a currency should to be "a stable store of value" and something that "can fluctuate 25% in a day can’t be used to pay wages" and, therefore, should not be considered a currency.
Bitcoin declined 0.54% to go for $11,334 at 9:34 pm CET. Over the past twelve months, the most widespread cryptocurrency soared over 1,100%, but in the last month, its value dropped 16.89%.