Jim Rogers: If Bitcoin succeeds as real money, the government will make the cryptocurrency illegal and eliminate it
According to share from Forbes journalist Billy Bambrough, legendary investor Jim Rogers has warned Bitcoin and cryptocurrency – asset types beyond the influence of the government – will not be allowed to survive. Also, according to Rogers, the Bitcoin price is headed to zero.
Rogers is perhaps best known for co-founding the Quantum Fund with fellow legend George Soros and has gone on to establish himself as a television and media personality.
Jim Rogers, chairman of Rogers Holding Company, believes Bitcoin’s days are numbered
Is Bitcoin price headed to zero?
Share with Japan’s Aera, Rogers stated:
“If the cryptocurrency succeeds as real money, rather than the subject of gambling as it is today, the government will make the cryptocurrency illegal and eliminate it.”
Bitcoin is still primarily used as a speculative tool. Particularly more attention is being paid to the Coronavirus pandemic, and governments have taken extreme actions to support their economies. In particular, the United States has allocated nearly 3 trillion dollars for economic aid related to Coronavirus, and the Federal Reserve has pumped trillions of dollars into the US economy.
According to renowned investors Paul Tudor Jones, Dan Tapiero, and Raoul Pal, Bitcoin is a potential hedge against inflation that unprecedented central bank stimulus measures can bring. However, Bitcoin is still far from being used as real money. About 11 million BTC – 60% of the current supply – was inactive throughout the year.
However, governments around the world spurred on by China’s efforts to digitalize its yuan and Facebook’s plans for a bitcoin-inspired digital currency, have accelerated their efforts to take the money and to spend online.
“The government likes electronic money. Because with electronic money, you can track when, where, who spent what amount. Governments will have more control over people through electronic money.”
Many in the Bitcoin community see cryptocurrencies as a way to combat government encroachment, and some worry that a proposed US dollar could give more power to the state.
“The government wants to know everything. Controllable electronic money will survive, and virtual currencies beyond the influence of the government will be erased. The government has something that those who work with virtual currencies don’t have. Consider a gun.”
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