Home Governments will ‘eliminate’ Bitcoin, says legendary investor Jim Rogers
Bitcoin, Economic News, News

Governments will ‘eliminate’ Bitcoin, says legendary investor Jim Rogers

Legendary investor Jim Rogers (pictured) predicts that Bitcoin (BTC) will disappear in the next few years, saying that is it not on governments’ best interest to let cryptocurrencies float around freely.

“If cryptocurrencies succeed as real money, rather than the subject of gambling as it is today, the government will make cryptocurrencies illegal and eliminate them”, says the co-founder of the Quantum Fund to Japanese online magazine Aera dot.

“The government wants to know everything. Controllable electronic money will survive, and virtual currencies beyond the influence of the government will be erased”, Rogers adds.

He says: “I believe that the virtual currency represented by Bitcoin will decline and eventually become zero.” However, the veteran investor makes it clear he thinks cryptocurrencies are a bubble and their value is mostly driven by speculation and gambling.

The performance of Bitcoin (BTC) and cryptocurrencies as a whole during 2020 has been choppy, with the cryptomarket earning nearly $35bn in early May but then losing nearly $10bn in mid June, as the performance of crypto-assets becomes more correlated with traditional financial markets, exposing their value to similar swings related to money-printing from central banks and the overall course of the pandemic.

Bitcoin BTC price chart ytd

Rogers comments go against other highly successful investors like Paul Tudor Jones, the billionaire founder of Tudor Investment fund, who thinks of Bitcoin as a great hedge against inflationary pressures caused by massive monetary stimulus and expansionary fiscal policies aimed to contain the economic fallout of the virus.

However, the Singapore-based investor concedes that Bitcoin has lasted longer than other cryptocurrencies, but he adds: “Many have already come and gone, so we’ll see”.

Rogers started his career on Wall Street by joining wealth management firm Dominick & Dominick but went on to found the Quantum Fund along with George Soros in 1973.

The fund managed to gain nearly 4200% for its investors vs. a shy 47% advance in the S&P500 from 1973 to 1980, gaining both Rogers and Soros a seat in Wall Street’s hall of fame.

After closing the fund in 1980, he retired and went on to become a regular guest in many financial talk shows around the world.

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission on real stocks

Rating

64 traders signed up today

Visit Now

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account

Alejandro Arrieche

Alejandro Arrieche

Alejandro is a financial writer with 7 years of experience in financial management and financial analysis. He writes technical content about economics, finance, investments, and real estate and have also assisted financial businesses in building their digital marketing strategy. His favorite topics are value investing and financial analysis.