Renowned Investor Jim Rogers Expresses Skepticism Over Bitcoin’s Long-Term Viability

Bitcoin has once again seized the spotlight with its remarkable resurgence, as its price surged to over $70,000 this month from a modest $28,000 just a year ago, marking an astounding rally of more than 150% in this fiscal year alone. Presently, it is exchanging hands at $62,200.

Jim Rogers Remains Skeptical of Crypto

However, amidst the fervor surrounding cryptocurrencies, seasoned investor Jim Rogers, renowned for his acumen in commodities such as gold and silver, remains profoundly skeptical about their long-term viability. Speaking at the India Today conclave, Rogers aired his reservations, asserting, “I’m very skeptical of crypto. I don’t expect it to last. It’s been fabulous for some people now. Not for me, but I do not see any long-term value in cryptocurrency.”

Known for his candid viewpoints, Rogers famously likened Bitcoin to tangible commodities like sugar or rice, underscoring his preference for assets with physical presence. “I have more confidence in the future in real things that people can use than I do in Bitcoin,” he remarked. “Whether it’s rice or sugar doesn’t matter. I know that rice will always have value. It has always, I do not know that Bitcoin will always have value.”

Reiterating his stance, Rogers forecasted the eventual obsolescence of Bitcoin, asserting, “Bitcoin will disappear and go to zero someday.” He juxtaposed this with the enduring value of commodities like sugar, noting, “The value of sugar is not going to disappear and go to zero someday.”

Despite Bitcoin’s meteoric ascent, Rogers remains unconvinced of its potential to supplant traditional safe-haven assets like gold and silver. “I don’t think that Bitcoin is going to replace gold and I don’t think it’s going to replace silver,” he remarked. “Maybe I’m wrong. Maybe I should sell all of my gold and silver and buy Bitcoin. But as far as I can see, most people in the world understand gold and silver, but most do not understand Bitcoin.”

On the topic of his cryptocurrency holdings, Rogers disclosed that he does not possess any cryptocurrencies. “Well, I don’t own any cryptocurrencies. None. And I never have but I wish I had bought crypto at $2 or $1. I wish many things. Cryptocurrencies have become trading vehicles for many people. Not for me, I’m not a trader, but many of them have already disappeared”.

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