Jim Rogers, a veteran investor, co-founded the Quantum Fund with investor George Soros. Roger is still worried about government outlawing Bitcoin along with other cryptocurrencies. Additionally, he says if cryptocurrencies become successful, most governments will ban them as they do not want to lose their monopoly.
Jim Rogers
Jim Rogers is a renowned investor. He believes that the government can ban Bitcoin and other cryptocurrencies anytime. Hence, he is still worried. Every government is working on computer money, including the US. He stated that this system already started in China. In China, you need to have cash on your phone for every activity, either big or small.
Biggest Threat to Bitcoin
According to him, the biggest threat to Bitcoin is government regulations. He also stated that many guys are making a lot of money trading Bitcoin, and it’s a great trading vehicle. He says that when Bitcoin becomes currency according to what the Crypto people say, there would be no government saying that they can use their money.
Rogers agreed that people are using gold as well and bitcoin as trading vehicles. He commented on Jerome Powell’s comparison. Powell compared Bitcoin to gold in terms of how they are both used for speculation. Additionally, he also stated that history indicates silver and gold would probably have a better future than cryptocurrencies.
They are not trying to compete with the dollar or any other sovereign currencies. There are many other people with Rogger who are warning about the governments stepping in and outlawing cryptocurrencies. Some of them or Bridgewater Associates founder Ray Dalio, the big short’s Michael Burry, and Ron Paul.
However, many people still believe that governments cannot outlaw Bitcoin. Hester Pierce, commissioner with the US securities and exchange commission (SEC) said that governments would be foolish if they try to ban Bitcoin. Moreover, the Bitcoin ban would look like a shutdown of the internet. Additionally, he said that Bitcoin is an essential peer-to-peer technology, and hence it is challenging to ban it.
