Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, remains to be apprehensive 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 stated.
Jim Rogers Nonetheless Fearful 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 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. It’s a must to have the cash in your cellphone, 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 will probably be authorities cash.”
He believes that the largest 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 can 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 individuals say that will probably 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 evaluating 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. Nonetheless, he added that historical past would point out that silver and gold would in all probability 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 will not be the one one who has warned about governments stepping in and outlawing cryptocurrencies. Others embrace Bridgewater Associates founder Ray Dalio, The Huge Brief’s Michael Burry, and Ron Paul.
Nonetheless, many individuals additionally stated that governments can not outlaw bitcoin. A commissioner with the U.S. Securities and Alternate Fee (SEC), Hester Peirce, lately stated that governments can be “silly” to attempt to ban bitcoin and that banning it will be like shutting down the web. As well as, she stated that “it’s very tough to ban one thing that’s basically a peer-to-peer expertise.”
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