Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire George Soros, remains to be involved that governments are banning Bitcoin and different cryptocurrencies. “If cryptocurrencies turn out to be profitable, most governments will ban them as a result of they do not need to lose their monopoly,” he mentioned.
Jim Rogers was nonetheless involved concerning the authorities’s ban on Bitcoin
Famend investor and former enterprise companion of George Soros, co-founder of the Quantum Fund and Soros Fund Administration, Jim Rogers continues to consider that the federal government can ban Bitcoin and different cryptocurrencies.
Noting that he “by no means purchased or bought cryptocurrencies,” Rogers instructed Kitco Information’ Michelle Makori final week:
If cryptocurrencies turn out to be profitable, most governments will ban them as a result of they do not need to lose their monopoly.
“Each authorities on this planet is at the moment engaged on pc cash, together with the US. The Chinese language are already there. I am unable to think about governments going to say, “Okay, that is our cryptocurrency, or you should use their cryptocurrency.” Traditionally, governments do not work that method, ”he mentioned.
Rogers added, “Cash will probably be on the pc. It is already in China. You possibly can’t take a taxi with cash in China. It’s important to have the cash in your cellphone, you’ll be able to’t even purchase ice cream. So it occurs, however I doubt it will likely be another person’s cash. Historical past reveals that it will likely be authorities cash. “
He believes the best menace to Bitcoin is authorities regulation “if it succeeds” however not “so long as it stays a buying and selling instrument”.
The Quantum Fund co-founder additionally acknowledged:
I do know individuals who make some huge cash with it, it appears to be an exquisite buying and selling instrument. But when it turns into a foreign money just like the crypto folks say, I am unable to think about any authorities or many governments on this planet going to say, “Okay, you should use our cash or your cash.” Historical past doesn’t present that.
Rogers commented on Federal Reserve Chairman Jerome Powell evaluating Bitcoin to gold to see how each are used for hypothesis and agreed that folks use each as buying and selling instruments. Nevertheless, he added that historical past would counsel that silver and gold would probably have a greater future than cryptocurrencies as a result of they do not attempt to compete with the greenback or different state currencies.
Rogers is not the one one to warn that governments are introducing and banning cryptocurrencies. Others embody Ray Dalio, founding father of Bridgewater Associates, Michael Burry of The Large Quick, and Ron Paul.
Nevertheless, many individuals additionally mentioned that governments can not ban Bitcoin. A commissioner for the US Securities and Trade Fee, Hester Peirce, lately mentioned that governments could be “silly” to ban Bitcoin and {that a} ban could be like turning off the web. As well as, she mentioned, “It is rather tough to ban what is basically a peer-to-peer know-how.”
Do you suppose Jim Rogers’ worry of the federal government banning Bitcoin is unfounded? Tell us within the feedback beneath.
Picture credit score: Shutterstock, Pixabay, Wiki Commons
Disclaimer of legal responsibility: This text is for informational functions solely. It’s not a direct provide or a solicitation of a suggestion to purchase or promote, or a suggestion or approval of merchandise, companies or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator are instantly or not directly answerable for any harm or loss triggered or allegedly brought on by or in reference to the use or reliance on any content material, items or companies talked about on this article.
