Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, remains to be nervous about governments outlawing bitcoin and different cryptocurrencies. “If cryptocurrencies turn out to be profitable, most governments will outlaw them, as a result of they don’t wish to lose their monopoly,” he mentioned.
Jim Rogers Nonetheless Nervous 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 bought any cryptocurrencies,” Rogers informed Kitco Information’ Michelle Makori final week:
If cryptocurrencies turn out to be profitable, most governments will outlaw them, as a result of they don’t wish to lose their monopoly.
“Each authorities on the earth is engaged on pc 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 need to use 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 may’t take a taxi with cash. You must have the cash in your telephone, you may’t even purchase ice cream. So it’s occurring, however I doubt if it’s going to be another person’s cash. Historical past reveals it is going to 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 can be making some huge cash buying and selling it, it’s an exquisite buying and selling automobile, apparently. However, if it turns into a forex, which is what the crypto individuals say that it is going to be, I can not think about that any authorities, or many governments, on the earth will say ‘okay, you need to use our cash, or their cash.’ That’s not what historical past reveals.
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 individuals are utilizing each as buying and selling automobiles. Nevertheless, 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 aren’t making an attempt to compete with the greenback or different sovereign currencies.
Rogers just isn’t the one one who has warned about governments stepping in and outlawing cryptocurrencies. Others embody Bridgewater Associates founder Ray Dalio, The Large Quick’s Michael Burry, and Ron Paul.
Nevertheless, many individuals additionally mentioned that governments can not outlaw bitcoin. A commissioner with the U.S. Securities and Trade 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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