Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, remains to be fearful about governments outlawing bitcoin and different cryptocurrencies. “If cryptocurrencies grow to be profitable, most governments will outlaw them, as a result of they don’t need to lose their monopoly,” he stated.
Jim Rogers Nonetheless Apprehensive About Authorities Banning Bitcoin
Famend investor and George Soros’ former enterprise companion 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 offered any cryptocurrencies,” Rogers instructed Kitco Information’ Michelle Makori final week:
If cryptocurrencies grow to be profitable, most governments will outlaw them, as a result of they don’t need to lose their monopoly.
“Each authorities on the earth is engaged on laptop cash now, together with the U.S. The Chinese language are there already. I can’t think about that governments are going to say ‘okay, that is our crypto cash, or you should use their crypto cash.’ That’s not the best way governments work, traditionally,” he opined.
Rogers added: “Cash goes to be on the pc. It already is in China. In China, you possibly can’t take a taxi with cash. It’s important to have the cash in your telephone, you possibly can’t even purchase ice cream. So it’s taking place, however I doubt if it’s going to be another person’s cash. Historical past exhibits it will likely be authorities cash.”
He believes that the most important menace to bitcoin is authorities regulation “if it turns into profitable,” however not “so long as it stays a buying and selling car.”
The Quantum Fund co-founder additional famous:
I do know guys which might be making some huge cash buying and selling it, it’s a beautiful buying and selling car, apparently. However, if it turns into a foreign money, which is what the crypto folks say that it will likely be, I can’t think about that any authorities, or many governments, on the earth will say ‘okay, you should use our cash, or their cash.’ That’s not what historical past exhibits.
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 persons 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 embrace Bridgewater Associates founder Ray Dalio, The Massive Brief’s Michael Burry, and Ron Paul.
Nevertheless, many individuals additionally stated that governments can’t outlaw bitcoin. A commissioner with the U.S. Securities and Change Fee (SEC), Hester Peirce, lately stated that governments could be “foolish” to attempt to ban bitcoin and that banning it could be like shutting down the web. As well as, she said that “it’s very tough to ban one thing that’s basically a peer-to-peer expertise.”
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