Ah, George Soros.
Perhaps it’s just me, but whenever I see a news headline with his name as the focus, I brace myself for the worst. For those new to the game of politics, Soros is a Hungarian-Jewish business agnate who has taken pride in funding American progressive and liberal movements such through his Open Society Foundation. Soros is notorious for stimulating civil unrest, having donated such a large sum of money to the racially motivated rioters in Ferguson. This money was specifically allocated to agitators intended to cause chaotic distress in the city.
Coindesk, on the other hand, is a reputable news outlet notable for its intensive publication of cryptocurrency-related content. Coindesk was purchased by Digital Currency Group in 2016.
In an eerie message left on a post made by Coindesk signifying their leave for the holidays, a quote by George Soros was included, reading:
“Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.”
– George Soros
A stock market bubble is an economic bubble that occurs when market participants push stock prices above their value in relation to reality. In this particular circumstance, with the drastic decline of Bitcoin’s value decreasing by nearly half within 24 hours, it is clear that this phenomenon can be attributed to the development of a stock market bubble. Perhaps Bitcoin investors overestimated the value of their purchases, bought more than what could be considered valuable in reality, and misconceived the true worth of their investment. If this is true, then Bitcoin investors have essentially scammed themselves into overhyping the potential value and future of Bitcoin.
Bitcoin and cryptocurrency in general have long been associated with more conservative fringe groups, as an encrypted nature of financial exchange is attractive to social figures attempting to crowdsource under the public radar. So, why would Coindesk, one of the best known cryptocurrency media outlets in the world, cite a figure like George Soros, whose actions have angered conservatives for years?
As Bitcoin plummets, the entire situation is certainly weird, to say the least.
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