Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire George Soros, is still concerned that governments are banning Bitcoin and other cryptocurrencies. “If cryptocurrencies become successful, most governments will ban them because they don’t want to lose their monopoly,” he said.
Jim Rogers was still concerned about the government’s ban on Bitcoin
Renowned investor and former business partner of George Soros, co-founder of the Quantum Fund and Soros Fund Management, Jim Rogers, continues to believe that the government can ban Bitcoin and other cryptocurrencies.
Realizing that he “never bought or sold cryptocurrencies,” Rogers told Kitco News’ Michelle Makori last week:
If cryptocurrencies become successful, most governments will ban them because they don’t want to lose their monopoly.
“Every government in the world is currently working on computer money, including the US. The Chinese are already there. I can’t imagine governments going to say, “Okay, this is our cryptocurrency, or you can use their cryptocurrency.” Historically, governments don’t work that way, ”he said.
Rogers added, “Money will be on the computer. It’s already in China. You can’t take a taxi with money in China. You have to have the money on your cell phone, you can’t even buy ice cream. So it happens, but I doubt it will be someone else’s money. History shows that it will be government money. “
He believes the greatest threat to Bitcoin is government regulation “if it succeeds” but not “as long as it remains a trading tool”.
The Quantum Fund co-founder also stated:
I know people who make a lot of money with it, it seems to be a wonderful trading tool. But when it becomes a currency like the crypto folks are saying, I can’t imagine any government or many governments in the world going to say, “Okay, you can use our money or their money.” History does not show that.
Rogers commented on Federal Reserve chairman Jerome Powell comparing Bitcoin to gold to see how both are used for speculation and agreed that people use both as trading tools. However, he added that history would suggest that silver and gold would likely have a better future than cryptocurrencies because they don’t try to compete with the dollar or other state currencies.
Rogers isn’t the only one to warn that governments are introducing and banning cryptocurrencies. Others include Ray Dalio, founder of Bridgewater Associates, Michael Burry of The Big Short, and Ron Paul.
However, many people also said that governments cannot ban Bitcoin. A commissioner for the US Securities and Exchange Commission, Hester Peirce, recently said that governments would be “stupid” to ban Bitcoin and that a ban would be like turning off the internet. In addition, she said, “It is very difficult to ban what is essentially a peer-to-peer technology.”
Do you think Jim Rogers’ fear of the government banning Bitcoin is unfounded? Let us know in the comments below.
Tags in this story
Bitcoin Prohibition, Crypto Prohibition, Cryptocurrency Prohibition, Prohibition, Government Prohibition, Jim Rogers, Jim Rogers Bitcoin, Jim Rogers Crypto, Jim Rogers Cryptocurrency, Outlaw, Prohibition
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.