Jim Rogers doubts Bitcoin’s ability to replace safe-haven assets like gold and silver and emphasizes his lack of investment in cryptocurrencies.
Despite the recent exponential growth of bitcoin’s price, which established a fresh peak, seasoned investor Jim Rogers maintains a cautious outlook on the cryptocurrency and the broader crypto market.
Rogers was an erstwhile business partner of George Soros and a co-founder of Soros Fund Management and the Quantum Fund.
Rogers poured cold water on the cryptocurrency mania last week at the India Today conclave, stating:
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.
He continued, “I have more faith in the future of practical, usable products than in Bitcoin.” “Whether it is sugar or rice is irrelevant. Rice will perpetually retain its value. It always has. I cannot guarantee Bitcoin will perpetually hold value.”
Furthermore, the seasoned investor claimed:
Bitcoin will disappear and go to zero someday.
Nevertheless, he emphasized that commodities like sugar will retain their value. “Eventually, sugar’s value will not vanish and return to zero,” he added.
Furthermore, Rogers is skeptical of Bitcoin’s capacity to supplant safe-haven assets such as silver and gold. He expressed his opinion that Bitcoin would not be able to substitute for either gold or silver.
“I may be mistaken. Perhaps I should exchange every piece of gold and silver for Bitcoin. ” However, based on my observations, most of the global population comprehends gold and silver but lacks knowledge of Bitcoin.”
Additionally, Jim Rogers affirmed that he is not the owner of Bitcoin or any other cryptocurrency.
When asked where he would purchase Bitcoin or gold, he responded, “I have never purchased Bitcoin. Bitcoin has never been sold short. I possess a considerable quantity of gold and silver.” In conclusion, he stated:
In my view, cryptocurrencies apparently are good trading vehicles … I expect them all to disappear someday. Many of them have already disappeared.
a renowned investor who has long been a skeptic of cryptocurrencies. He stated in 2021 that he would not purchase Bitcoin due to the possibility that governments would ban cryptocurrencies.
Jim Rogers elaborated on this in 2022, emphasizing the government’s intention to regulate and control every facet of cryptocurrencies. He cast doubt on Bitcoin’s potential to become a currency in February of this year.
Jim Rogers’ Broader Economic Concerns
The scope of Rogers’ skepticism transcends cryptocurrencies. In addition, he has cautioned against the possible demise of the U.S. dollar, citing nations investigating alternative reserve currencies.
He anticipated that the United States would be adversely affected by the continued depreciation of the dollar, perceiving the Chinese yuan as a rival to the USD. The subsequent recession, according to him, will be the most severe of his entire existence.