Will George Soros be Good for Bitcoin?

Your comments are invited on the news of George Soros's pending foray into the cryptocurrency market.

Bitcoin's price has plummeted from an ATH of around $20k in December 2017 to just below $7k, in early April and some say that this is a great opportunity to buy, whilst others say that Bitcoin will continue to fall. Amidst this, we hear that George Soros is preparing to trade cryptocurrencies.

This has led to a good deal of speculation as to George Soros's intentions, as he had previously spoken of Bitcoin as a bubble.

We can only wonder at his change of heart. The question is has George Soros really had a change of heart and does he just see an opportunity to short Bitcoin, or, as the third largest shareholder in the crypto-friendly Overstock company, is he more bullish about cryptocurrency than central bank issued fiat currencies? After all, as banks have a legal responsibility to report to their shareholders any changes in market conditions that may affect a shareholder's investment, they have now disclosed that Bitcoin is a threat to their bottom line.

As an investor in gold, it may also be that George Soros is attracted to relative stability that Bitcoin would afford in the event of political, or economic uncertainty?

Max Keiser certainly appears positive about the George Soros announcement and here's a selection of his tweets;

As George Soros, Jamie Dimon and many others inside and outside the media, we know who they are, had once proclaimed that Bitcoin was a bubble, were they really just part of FUD campaign, in order to manipulate the market in their favour? Has the price manipulation of the futures contracts and the suspiciously timed, inaccurate cryptocurrency news that has accompanied the futures expirations been another arm of an attempt to create a lower entry point for big players like George Soros and the huge sums of institutional money on the brink of being poured into the cryptocurrency market for the first time?

Are we on the verge of a last opportunity not to miss the boat, or will we see the cryptocurrency market being increasingly controlled by the invisible strings of the whales, who will exert more and more control? If it's more control, then we may as well stop looking to technical analysis for some indication of where the prices may be heading next and, some would say, we are at that point already.

More control would shatter Satoshi Nakamoto's utopian dream of a decentralized means of exchange that gives the middle finger to prevailing financial hegemony, which controls wealth distributions and the inequality it leaves in its wake. Indeed, why would actors in the crypto space such as George Soros have any intention of supporting this noble cause, or propping-up the dictators he claims Bitcoin supports? Isn't George Soros just entering the cryptocurrency market because of its volatility, which is a gift from the gods for a trader, grasping the opportunity to create pumps and dumps in order to repurchase it again at a lower price? And won't this become a cycle that keeps repeating itself?

This concern is reflected in the comments I have seen across various social media and forums;

Some cryptocurrency analysts are of the opinion that regulation would be a good, timely thing now and with George Soros and the huge amounts of intuitional money waiting in the wings, the coming regulations may arrive sooner, rather than later, bringing more adoption and less manipulation. Perhaps only then we will see a more positive sentiment towards cryptocurrencies and their continued path towards mainstream usage.

Post your comments and let's try to figure-out what's in store for the cryptocurrency market.