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Veteran investor Jim Rogers predicts that all cryptocurrencies, including Bitcoin, will eventually disappear without a trace. He foresees the value of Bitcoin eventually dropping to zero, saying, "I am extremely skeptical of cryptocurrencies. I do not see their sustainability. I think cryptocurrencies are worthless in the long run.
While Bitcoin's price has recently surged to new highs, Jim Rogers, a veteran investor, remains skeptical of cryptocurrencies and the broader crypto market. As a former business partner of George Soros, he was involved in creating the Quantum Fund and Soros Fund Management.
In a private meeting last week, Rogers expressed doubts about the current cryptocurrency frenzy, stating, "I am extremely skeptical of cryptocurrencies. I do not expect them to last. While they may seem very ideal for some people now, they are not suitable for me, and I think cryptocurrencies have no long-term value."
"In contrast, I have more confidence in physical commodities that people can use in the future, such as rice or sugar," he continued. "It doesn't matter whether it's rice or sugar. I know rice will always have its value, which has always been the case. Whether Bitcoin can maintain its value forever is unknown.
The seasoned investor also asserted, "Bitcoin will eventually be worth nothing." He compared it to the value of commodities such as sugar, which he said cannot suddenly disappear one day.
Additionally, Rogers expressed doubts about the possibility of Bitcoin replacing safe-haven assets such as gold and silver. "I don't think Bitcoin can replace gold or silver. Maybe I'm wrong, maybe I should sell all my gold and silver and buy Bitcoin. But as far as I know, most people in the world know gold and silver, not Bitcoin."
Rogers also confirmed that he does not own Bitcoin or any other cryptocurrencies. When asked whether he would choose to buy gold or Bitcoin, he replied, "I have never bought Bitcoin, nor have I sold or shorted Bitcoin. As you can see, I do own a significant amount of gold and silver. In my opinion, cryptocurrencies are certainly excellent trading tools. I expect them to eventually disappear. Many of them have already disappeared."
This renowned investor has been a critic of cryptocurrencies for some time. In 2021, he explicitly stated that he would not invest in Bitcoin due to the possibility of government bans on cryptocurrencies. By 2022, he reiterated the willingness of governments to control and regulate various aspects of cryptocurrencies. In February of this year, he expressed deeper doubts about the possibility of Bitcoin becoming a practical currency.
Rogers also has a pessimistic view of the future of the US dollar. He believes that as many of America's allies seek alternative currencies to the US dollar, the dollar's status may be threatened. He believes that the US, as the world's largest debtor nation, coupled with its sanctions against Russia, has accelerated global estrangement from the dollar. |
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Post time 5-4-2024 10:23:42