December 1, 2022

Co-founder of the Copoca Foundation regrets that he did not buy Bitcoin at $1

American investor and co-founder of Soros Fund Management Jim Podgers said he regrets not buying bitcoin for more than a decade back when its value in US dollarswas from $ 1 to $ 5. Interestingly, in 2020, he claimed that investing in cryptocurrencies, in fact, is a gambling game, and suggested that the price of BTC will fall to zero sooner or later.

In an interview with the Economic Times by Jim Pogercsuggested that in the next ten years the financial system will face serious problems. For this reason, he decided to buy gold and silver as soon as he saw that they were trading at reasonable prices.

The investor also discussed bitcoin, which, according toAccording to many experts, it can serve as a hedge against inflation and a suitable investment tool, similar to precious metals. Podgers admitted that he does not own BTC and regrets that he did not stock up on a small amount of cryptocurrency at a time when the asset was worth $ 1.

Podgers also believes that cryptocurrency canplay a vital role in the monetary network of the future, and criticized the digital currencies of central banks. He noted that CBDCs will have a completely different purpose and will be used by central banks and governments to monitor people's transactions:

“In this regard, I have optimism about the future of crypto money, but not government crypto money… Governments don’t like competition, they like to keep their monopoly.”

It should be noted that Podger's previous positionregarding bitcoin was not so positive. Almost two years ago, he expressed the opinion that the distribution of wealth in the crypto market is “just a game of chance”, while BTC is overvalued and ultimately worth it:

“A few years ago, cryptocurrencies didn’t even exist, but in the blink of an eye, their value became 100 and 1000 times higher. This is a clear bubble, and I do not know their correct price.

Transition from the ranks of cryptocritics to his numbersupporters is not uncommon for the industry. A good example is the billionaire investor and owner of the Dallas Mavericks basketball team, Mark Cuban. In the past, he has claimed that bitcoin is used less in real life than a banana, and more recently he has become a staunch promoter of it. That year, he called it a financial religion and a better investment vehicle than gold.

Kevin O'Leary from Shark Tank also fits thisdefinition. In 2019, a Canadian called bitcoin a “useless currency” and “garbage.” However, last year he changed his mind to the opposite and invested 3% of his portfolio in BTC. In April, he expressed the opinion that the BTC has become a store of value, like gold, and its valuation will never fall to zero.