Experienced investor Jim Rogers, who founded the Quantum Fund with billionaire investor George Soros, spoke for all cryptocurrencies, including Bitcoin. He expects these to disappear one day. He emphasized that he predicted Bitcoin would go to “zero”. “I’m pretty skeptical of crypto,” Rogers said. “I don’t expect it to last long… I don’t see any long-term value in cryptocurrency.” said. Here are the details…
Jim Rogers is skeptical about cryptocurrencies
Despite Bitcoin’s recent price explosion setting an all-time high, veteran investor Jim Rogers remains skeptical of the cryptocurrency and the broader crypto market. Rogers is George Soros’ former business partner, who co-founded Quantum Fund and Soros Fund Management. Rogers poured cold water on the crypto craze at the India Today conclave last week, saying:
I’m pretty skeptical of crypto. I don’t expect it to last. Now it’s a wonderful thing for some people. Not so for me, but I don’t see any long-term value in cryptocurrency. I trust real things that people can use more than I trust Bitcoin. It doesn’t matter if it’s rice or sugar. I know rice will always be valuable. It always is. I don’t know that Bitcoin will always be valuable. Bitcoin will disappear one day and go to zero.
Commodities will not disappear
On the other hand, he underlined that the value of commodities such as sugar will not be lost. He pointed out that the value of sugar will not disappear one day and drop to zero. Moreover, Rogers doubts Bitcoin’s ability to replace safe-haven assets such as gold and silver. “I don’t think Bitcoin will replace gold, and I don’t think it will replace silver,” he said. “Maybe I’m wrong. Maybe I should sell all my gold and silver and buy Bitcoin. But from what I can see, most people in the world understand gold and silver, but most do not understand Bitcoin.” he adds.
Rogers also confirmed that he does not own Bitcoin or any other cryptocurrency. When asked where to buy gold or bitcoin, he replied:
I have never purchased Bitcoin. I have never sold or shorted Bitcoin. As you can see, I have a lot of gold and silver. In my view, cryptocurrencies are apparently good trading tools… I expect them all to disappear one day. Many have already disappeared.
Rogers claims governments will ban Bitcoin
cryptokoin.com As we reported, the famous investor has long been skeptical of cryptocurrency. He said he will not buy Bitcoin in 2021 on the grounds that governments may ban cryptocurrencies. He followed this in 2022 by emphasizing the government’s desire to control and regulate all aspects of crypto. In February of this year, he cast further doubt on Bitcoin’s potential to become money.
Rogers’ skepticism extends beyond cryptocurrencies. He also warned of the potential decline of the US dollar, pointing to countries exploring alternative reserve currencies. He saw the Chinese yuan as a rival to the dollar and predicted that the United States would suffer as the value of the dollar fell further. He also expects the next recession to be the worst in his lifetime.
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