(Dash Force News) George Soros, who famously called Bitcoin a bubble this past January, now has his fund, Soros Fund Management, internally approved for cryptocurrency trading.

Adam Fisher, who oversees macro investing for the fund, has reportedly gotten internal approval to trade cryptocurrencies. While no reports indicate that any trades have actually taken place, yet, the statement is a complete 180 degree turn from the earlier public sentiments of George Soros. However, Soros and his fund have been making indirect upward bets on cryptocurrencies by becoming the third-biggest shareholder in Overstock.com since the fourth quarter. Overstock.com was one of the first to accept cryptocurrencies and has Medici Ventures as a subsidiary to invest heavily in cryptocurrencies and related technology, including tZERO as a trading platform.

Soros said at the World Economic Forum in Davos that cryptocurrencies are not actually currencies because of their volatility. In addition to calling cryptocurrencies a bubble in January, Soros went on to say, that “rulers in [dictatorial] countries will turn to Bitcoin to build a nest egg abroad”.

Soros’ actions assign a value to cryptocurrencies because of its use as a currency

The large shift in opinions of Soros and his managed fund sheds light on how popular edicts are often made at the time with little information. Since Soros Fund Management now has internal approval to trade cryptocurrencies, it begs the question of what Soros has learned since calling Bitcoin a bubble. In addition, the contradictions should be noted since quarter four and his fund’s investment in cryptocurrency-heavy Overstock.com overlaps with his cryptocurrency-negative comments. A proposition that squares those contradictory actions is that Soros, as “The Man Who Broke the Bank of England”, makes bets in favor of the market-natural direction of a currency. To do so, him and his fund must make bets that go with the flow of the market-natural value of a currency.

By investing in cryptocurrencies, whether it is a bet upwards or a bet downwards, he is implying that cryptocurrencies have some value that they are trending towards and will eventually reach. This argument in combination with Say’s Law, which says that value arises from production as opposed to consumption, proposes that cryptocurrencies’ value arises from the fact that they produce an item that other individuals deem valuable and are willing to forgo other forms of money and consumption to buy and earn cryptocurrencies. The ability to use cryptocurrencies to buy goods and/or services create value for its users.

The value of Dash arises from the confidence behind its usability

Dash is quickly spreading all over the world, which reinforces its usability by giving consumers many options of where to spend their hard earned Dash. The adoption of Dash is so strong and fast because of the confidence users see behind its structure. Dash has demonstrated how it leverages its combination of miners, masternodes, and treasury fund in an incentive-based organization to develop the blockchain in ways that best serve consumers. Consumers then have larger confidence in Dash’s ability to cope with adversity that could arise in the future.

Dash allows Venezuelans to buy items without government manipulation. Dash allows those in many African nations that could not have access to reliable bank accounts before to now store their wealth in a safe and secure way. Dash allows Indians a corruption free method to spend their money quickly. These features overlap between countries and continents with numerous integrations, but overall demonstrates that Dash provides value for consumers because of its production of a fast and inexpensive trustless decentralized network for currency that can be reliably sustained long into the future.

 

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