Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, warned about cryptocurrency, saying, “If and when all our money is on our computers it will be government money,” he said, warning about cryptocurrencies. Nonetheless, he noted that his wife has invested in crypto.
Jim Rogers’ warning about crypto
Renowned investor Jim Rogers offered his views on cryptocurrencies in a Bloomberg interview published last week. Rogers is a former business partner of George Soros, who co-founded Quantum Fund and Soros Fund Management.
“A lot of people I know invest in crypto and make money for fun. Many have already disappeared and gone to zero,” he began, elaborating.
My wife invests in crypto of all things, but I don’t, because the bull says it will be money, and my answer to that is that if and when all our money is on the computer, it will be government money.
Rogers explained that governments do not let other currencies compete with their own.
This veteran investor opined, pointing to his cell phone as an example of electronic money.” When the U.S. government says, “Okay, this is money now,” and all governments are working on cryptocurrencies, they will not say, “This is money, but if you want to use that (other) money, you can use that money.”
and stressed.
That is not the way bureaucrats think. It is not the way politicians think. They want control. They want to regulate everything.
“In my view, if they [cryptocurrencies] are just a means of transaction, fine, have it. [But] I’m not going to trade, I’m not doing it,” he concluded.
Mr. Rogers was asked if he would change his mind about investing in crypto in any way. He acknowledged that if things change, he too would need to change. For example, he said, “If all of a sudden the euro started showing up in crypto, well, I would have to change,” he said. Rogers noted, however, that he did not see that happening.
This is not the first time the Quantum Fund co-founder has warned about governments coming after cryptocurrencies. Last April, he said the government could ban cryptocurrencies.” Rogers stressed that “if cryptocurrencies are successful, most governments will outlaw them because they don’t want to lose their monopoly. He has also previously stated that “virtual currencies that are beyond the influence of governments will be eliminated.”
He also warned last month that more bear markets were coming and that the next one would be the “worst” in his lifetime. He noted that many stocks would fall 90% and warned that investors would lose a lot of money. He also predicted the demise of the U.S. dollar due to the Russian-Ukrainian war.
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