Governments Will ‘Eliminate’ Bitcoin, Says Legendary Investor Jim Rogers
Legendary investor Jim Rogers (pictured) predicts that Bitcoin (BTC) will disappear in the next few years, claiming that it is not in the interest of governments to let cryptocurrencies float freely.
“Yes crypto-currencies succeed as real money, rather than the subject of the game as it is today, the government will make cryptocurrencies illegal and eliminate them, ”the co-founder of the Quantum Fund told the online magazine Japanese Aera dot.
“The government wants to know everything. Controllable electronic money will survive and virtual currencies beyond government influence will be wiped out, ”Rogers adds.
He says, “I believe the virtual currency represented by Bitcoin will decline and eventually become zero. However, the seasoned investor makes it clear that he believes cryptocurrencies are a bubble and that their value is mainly due to speculation and gambling.
The performance of Bitcoin (BTC) and cryptocurrencies as a whole in 2020 has been volatile, with the cryptomarket earning nearly $ 35 billion in early May but then lose nearly $ 10 billion in mid-June, as the performance of cryptoassets becomes more correlated with traditional financial markets, exposing their value to similar swings related to printing of money by central banks and the overall course of the pandemic.
Rogers’ comments go against other very successful investors like Paul Tudor Jones, the billionaire founder of the Tudor Investment fund, who is thinking of Bitcoin like a big hedge against inflationary pressures caused by massive monetary stimulus and expansionary fiscal policies aimed at containing the economic fallout from the virus.
However, the Singapore-based investor concedes that Bitcoin outlasted other cryptocurrencies, but adds, “A lot has come and gone, so we’ll see.”
Rogers began his career on Wall Street by joining wealth management firm Dominick & Dominick, but then founded the Quantum Fund with George Soros in 1973.
The fund managed to earn nearly 4,200% for its investors against a tentative 47% lead in the S & P500 from 1973 to 1980, winning both Rogers and Soros in the Wall Street Hall of Fame.
After closing the fund in 1980, he retired and became a regular guest on numerous financial talk shows around the world.