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
Famous investor Jim Rogers spoke out about cryptocurrency during a Bloomberg interview 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 continued to say that countries will not permit other currencies to be competitive with theirs.
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]You can spend that money.’”
That’s not the way bureaucrats think. That’s not the way politicians think. They are determined to have control. They desire to control everything.
“In my view, if they [cryptocurrencies]Are just vehicles for trading, great, get at it. [But] I’m not going to trade, I’m not doing it,” he concluded.
Rogers was asked by a reporter if there were any changes in his view on crypto-investing. Rogers admitted that things can change and that he would have to adjust if they do. 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.
The Quantum Fund cofounder had warned of governments pursuing cryptocurrency before. Last April, Rogers stated that government could outlaw cryptocurrency. “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. He warned that stocks could plummet 90% and that investors would lose significant amounts of their money. The Russia-Ukraine conflict would also lead to the demise of the U.S. Dollar.
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