Investment Guru Jim Rogers who claimed that Bitcoin was in a bubble back in 2017 has now made a startling remark. He believes that cryptocurrency will face an existential crisis in the near future and could also be gone.
Rogers made the claims in an interview to Asahi publication AERA dot on Friday, adding, the value of cryptocurrencies including Bitcoin (BTC) will decline to nil.
“Those who use cryptocurrency think they are smarter than their governments,” Rogers said to AERA dot. “In fact, I think they are correct. But their governments have something that crypto people don’t have. That is guns. The reason why I think cryptocurrency will be gone eventually is that it is not based on the armed force of governments’ power.”
In the recent past, there has been some unproven correlation deriving from the rise and fall of prices of cryptocurrencies to which the government has acted like an authoritarian.
Incidentally, Donald Trump ordered for the removal of peaceful protestors near the White House in early June, the price of Bitcoin saw a significant surge.
Earlier, Rogers had claimed that cryptocurrency looks and smells like a bubble. His comments came before cryptocurrency reached an all-time price high of $20,000 back in December 2017.
”Cryptocurrencies didn’t even exist a few years ago, but in the blink of an eye they became 100 and 1000 times more valuable. This is a clear bubble and I don’t know the right price. Virtual currency is not an investment target. It’s just gambling.”
Rogers, himself, is one of the largest investors in the world along with billionaires Warren Buffet and George Soros.