Jim Rogers discusses Bitcoin as money and why governments will stop cryptocurrencies

Jim Rogers discusses Bitcoin as money and why governments will stop cryptocurrencies

Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, shared his views on bitcoin, use as money and the government's reaction to the growing use of cryptocurrencies. . He predicted that central banks would not let unregulated money be used.

Renowned investor Jim Rogers shared his prediction about future bitcoin and cryptocurrencies in an interview with Singapore branch director Asahi Shimbun Koji Nishimura, published on Friday. Rogers co-founded the Quantum Fund in 1973 with billionaire investor George Soros, considered one of the most successful hedge funds in the golden age. They made a profit of 4,200% for 10 years until 1980 compared to 47% for the S&P 500.

Rogers believes that if the cryptocurrency succeeds in its use as money, instead of being primarily speculative, governments will intervene, making it illegal to stop using it. For this reason, I believe that the [value of] the virtual currency represented by bitcoin will decrease and eventually become zero, he told the publication. It is very difficult for us to move money without government control, Mr. Rog Rogers said, building:

The government wants to know everything. Controllable cryptocurrencies will exist and cryptocurrencies beyond government influence will be removed.

Jim Rogers discusses Bitcoin as money and why governments don't let cryptocurrencies grow
Renowned investor Jim Rogers, who co-founded a hedge fund with billionaire investor George Soros, shared his views on the future of bitcoin and why he thinks governments will not. so that it can be used as money.
Rogers explained that the cryptocurrency market is very volatile, especially during the global economic crisis. Although cryptocurrencies didn't even exist a few years ago, in the blink of an eye, they became worth 100 and 1,000 times more.This is a clear bubble and I don't know the right price, he protests, pressing strongly believe that cryptocurrencies are not an investment but a gamble.

He proceeded to talk about cryptocurrencies. The world government likes cryptocurrencies because with cryptocurrencies, you can track when, where, who spent and how much. Governments will have more control over people through cryptocurrencies, according to investment experts. Cryptocurrencies have low issuance costs. Cash must be printed, carried and counted. It is expensive for the government.

However, cryptocurrencies that are out of control of governments will not be accepted as money, Rogers believes and adds that people working on cryptocurrencies think they are smarter than the government. However, the government has something that people who work with virtual money don don't have. It has a gun. For this reason, he said, I believe that virtual money will eventually disappear.

He believes governments will never let bitcoin be used as money. Only 100 years ago, we could use anything we like like money. You can use coins, gold, silver or seashells. Banks can also print invoices themselves. It is legal, he is quoted. However, in the mid-1930s, the Bank of England declared that it was illegal to use any currency other than the amount it issued, Rogers pointed out. As a result, no one uses money other than the Bank of England, as he described it, predicting that the same thing will happen with cryptocurrencies.

While admitting that a society where other governments know too much about our actions, it's not convenient, but he believes that cryptocurrencies that are beyond government control will not be distributed. extensively in the form of money.

While Rogers does not raise prices on cryptocurrencies, many institutional investors are increasingly interested in investing in this asset class. Fidelity digital assets recently conducted a survey with about 800 institutional investors in Europe and the United States and found that 80% of them found cryptocurrencies attractive, while 60% felt Cryptocurrencies have a place in their portfolio. Grayscale investment also sees an increasing demand for cryptocurrency investments.

Renowned hedge fund managers like Paul Tudor Jones have increased their holdings of bitcoin. Jones said he has about 2% of his wealth in bitcoin. Other billionaire investors who are raising the price of bitcoin include Virgin Galactic Chairman Chamath Palihapitiya and Galaxy Digital CEO Mike Novogratz.

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