Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned about cryptocurrency, stating that “if and when all our money is on our computer, it’s going to be government money.” Nonetheless, he famous that his spouse invests in crypto.
Jim Rogers’ Crypto Warning
Famed investor Jim Rogers shared his view about cryptocurrency in an interview with Bloomberg, revealed final week. Rogers is George Soros’ former enterprise accomplice who co-founded the Quantum Fund and Soros Fund Management.
“A lot of people I know are investing in crypto and having fun and making money. Many have already disappeared and have gone to zero,” he started, elaborating:
My spouse invests in crypto of all issues, however I don’t put money into them as a result of the bulls say they’re going to be cash, and my reply to that’s, if and when all our cash is on our laptop, it’s going to be authorities cash.
Rogers proceeded to elucidate that governments is not going to enable different currencies to compete with their currencies.
Pointing to his cellphone for instance of digital cash, the veteran investor opined: “When the U.S. government says, ‘okay, this is money now,’ and every government is working on crypto money, they’re not going to say: ‘This is money, but if you want to use that [other] money, you can use that money.’”
He pressured:
That’s not the best way bureaucrats suppose. That’s not the best way politicians suppose. They need management. They wish to regulate all the things.
“In my view, if they [cryptocurrencies] are just trading vehicles, fine, have at it. [But] I’m not going to trade, I’m not doing it,” he concluded.
Rogers was requested if something would change his thoughts about investing in crypto. He admitted that if issues change then he may even have to alter. For instance, “If suddenly the euro is all denominated in crypto, well then I have to change,” he stated. However, Rogers famous that he doesn’t see it occurring.
This was not the primary time that the Quantum Fund co-founder warned about governments coming after cryptocurrency. In April final yr, he stated governments may ban cryptocurrencies. “If cryptocurrencies become successful, most governments will outlaw them, because they don’t want to lose their monopoly,” Rogers pressured. He additionally beforehand said, “virtual currencies beyond the influence of the government will be eliminated.”
In addition, he warned final month that more bear markets are coming and the subsequent one might be “the worst” in his lifetime. Noting that many shares will go down 90%, he cautioned that buyers will lose some huge cash. He additionally predicted the end of the U.S. dollar, fueled by the Russia-Ukraine warfare.
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