Veteran investor Jim Rogers, the co-founder of the Quantum Fund with billionaire investor George Soros, has expressed concern about cryptocurrency, stating that if and when all of our money is on our computer, it is going to be government money. Nonetheless, he mentioned that his wife is a crypto investor.
Jim Rogers’ Crypto Alert
In an interview published last week by Bloomberg, renowned investor Jim Rogers discussed cryptocurrency. Rogers previously worked with George Soros, with whom he co-founded the Quantum Fund and Soros Fund Management.
Many people I know are investing in cryptocurrency for fun and profit. Many have already vanished and dropped to zero. He explained: My wife invests in cryptocurrency, but I don’t because the bulls say they’ll be money, and my response is that if and when all of our money is on our computer, it’ll be government money.
Governments, according to Rogers, will not entertain other currencies to contend with their own.
When the US government accepts this is money now, and all governments are working on crypto money, it is impossible to expect them to say that: This is money, however, if you wish to utilize that other money, you can use that money, the veteran investor said, denoting to his phone as an example of electronic money.
He emphasized: That isn’t how bureaucrats think. That isn’t how politicians think. They want power. They want to control everything.
If cryptocurrencies are simply trading vehicles, fine by me. However, I’m not going to trade; I’m not going to do it, he concluded.
Rogers was asked if anything would make him reconsider investing in cryptocurrency. He admitted that if things change, he will have to change as well. If abruptly the euro is all denominated in crypto, then I have to change, he explained. Rogers, on the other hand, believes it is unlikely.
This was not the first time the Quantum Fund co-founder had expressed concern about governments pursuing cryptocurrency. He stated in April of last year that governments could prohibit the use of cryptocurrencies. If cryptocurrencies grow in popularity, most governments will bar them since they do not wish to lose their monopoly, Rogers emphasized. He has previously stated that virtual currencies outside the control of the government will be eliminated.
Furthermore, he warned last month that more bear markets are on the way, with the next one being “the worst” in his lifetime. He warned that investors would lose a lot of money if many stocks fell by 90%. He also predicted the closure of the US dollar, which he attributed to the Russia-Ukraine conflict.
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