Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, remains to be fearful about governments outlawing bitcoin and different cryptocurrencies. “If cryptocurrencies turn into profitable, most governments will outlaw them, as a result of they don’t wish to lose their monopoly,” he mentioned.
Jim Rogers Nonetheless Apprehensive About Authorities Banning Bitcoin
Famend investor and George Soros’ former enterprise associate who co-founded of the Quantum Fund and Soros Fund Administration, Jim Rogers, nonetheless believes that the federal government can ban bitcoin and different cryptocurrencies.
Noting that he “by no means purchased or offered any cryptocurrencies,” Rogers advised Kitco Information’ Michelle Makori final week:
If cryptocurrencies turn into profitable, most governments will outlaw them, as a result of they don’t wish to lose their monopoly.
“Each authorities on this planet is engaged on laptop cash now, together with the U.S. The Chinese language are there already. I can not think about that governments are going to say ‘okay, that is our crypto cash, or you should utilize their crypto cash.’ That’s not the way in which governments work, traditionally,” he opined.
Rogers added: “Cash goes to be on the pc. It already is in China. In China, you’ll be able to’t take a taxi with cash. It’s important to have the cash in your cellphone, you’ll be able to’t even purchase ice cream. So it’s occurring, however I doubt if it’s going to be another person’s cash. Historical past exhibits will probably be authorities cash.”
He believes that the most important risk to bitcoin is authorities regulation “if it turns into profitable,” however not “so long as it stays a buying and selling automobile.”
The Quantum Fund co-founder additional famous:
I do know guys which might be making some huge cash buying and selling it, it’s a beautiful buying and selling automobile, apparently. However, if it turns into a forex, which is what the crypto folks say that will probably be, I can not think about that any authorities, or many governments, on this planet will say ‘okay, you should utilize our cash, or their cash.’ That’s not what historical past exhibits.
Commenting on the Federal Reserve Chairman Jerome Powell comparing bitcoin to gold when it comes to how they’re each used for hypothesis, Rogers agreed that persons are utilizing each as buying and selling automobiles. Nonetheless, he added that historical past would point out that silver and gold would most likely have a greater future than cryptocurrencies as a result of they don’t seem to be making an attempt to compete with the greenback or different sovereign currencies.
Rogers is just not the one one who has warned about governments stepping in and outlawing cryptocurrencies. Others embody Bridgewater Associates founder Ray Dalio, The Massive Quick’s Michael Burry, and Ron Paul.
Nonetheless, many individuals additionally mentioned that governments can not outlaw bitcoin. A commissioner with the U.S. Securities and Alternate Fee (SEC), Hester Peirce, not too long ago mentioned that governments could be “foolish” to attempt to ban bitcoin and that banning it might be like shutting down the web. As well as, she said that “it’s very troublesome to ban one thing that’s primarily a peer-to-peer know-how.”
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