Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned about cryptocurrency, stating that “if and when all our money is on our computer, it’s going to be government money.” Nonetheless, he noted that his wife invests in crypto.
Jim Rogers’ Crypto Warning
Famed investor Jim Rogers shared his view about cryptocurrency in an interview with Bloomberg, published last week. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.
“A lot of people I know are investing in crypto and having fun and making money. Many have already disappeared and have gone to zero,” he began, elaborating:
My wife invests in crypto of all things, but I don’t invest in them because the bulls say they’re going to be money, and my answer to that is, if and when all our money is on our computer, it’s going to be government money.
Rogers proceeded to explain that governments will not allow other currencies to compete with their currencies.
Pointing to his phone as an example of electronic money, the veteran investor opined: “When the U.S. government says, ‘okay, this is money now,’ and every government is working on crypto money, they’re not going to say: ‘This is money, but if you want to use that [other] money, you can use that money.’”
He stressed:
That’s not the way bureaucrats think. That’s not the way politicians think. They want control. They want to regulate everything.
“In my view, if they [cryptocurrencies] are just trading vehicles, fine, have at it. [But] I’m not going to trade, I’m not doing it,” he concluded.
Rogers was asked if anything would change his mind about investing in crypto. He admitted that if things change then he will also have to change. For example, “If suddenly the euro is all denominated in crypto, well then I have to change,” he said. However, Rogers noted that he doesn’t see it happening.
This was not the first time that the Quantum Fund co-founder warned about governments coming after cryptocurrency. In April last year, he said governments could ban cryptocurrencies. “If cryptocurrencies become successful, most governments will outlaw them, because they don’t want to lose their monopoly,” Rogers stressed. He also previously said, “virtual currencies beyond the influence of the government will be eliminated.”
In addition, he warned last month that more bear markets are coming and the next one will be “the worst” in his lifetime. Noting that many stocks will go down 90%, he cautioned that investors will lose a lot of money. He also predicted the end of the U.S. dollar, fueled by the Russia-Ukraine war.
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A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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