George Soros: Blochein is able to help refugees, although the crypto-currencies are a typical bubble

The billionaire investor and philanthropist George Soros said at the World Economic Forum in Davos, Switzerland that he found a new tool for helping refugees: it’s about blocking technology. Fortune.com writes about this.

Answering the questions of the participants of the event, Soros said:

Technology blockade can find a positive application. Through it, migrants can communicate with their relatives, and also save money and carry them with them.

The billionaire did not explain how he was going to use the blockade for this purpose. Note that the Open Society Institute (Soros Foundation) last year issued a grant of $ 100,000 to the Center for Human Rights at Carnegie Mellon University. The Center, which monitors the observance of human rights, is studying the prospects for using blockade in its activities.

Theoretically, migrants moving from country to country can save savings in crypto-currencies instead of fiat money. However, Soros refused to recognize the value of crypto-currencies, saying that the main motive for their creation was «the desire to evade taxes.» In his opinion, crypto-currencies can potentially become an «instrument in the hands of dictators.»

Soros was objected to by other forum participants. Among them was the investor-patron and businessman Nawal Ravikant:

Bitcoin is a means of freeing mankind from the power of oligarchs and tyrants, camouflaged under a scheme of rapid enrichment.

Speaking at the Davos forum, 80-year-old George Soros said:

Crypto currency should not be called currency. This is a delusion and a typical bubble, based on, like any bubble, lies misunderstanding.

Soros explained that the currency implies the ability to be a stable means of preserving value, which bitcoin is completely devoid of. According to him, the «currency», whose price per day changes by 25%, can not be used to pay wages, for example, as the size of the salary per day may decrease by 25%.