Connect with us

Hi, what are you looking for?

Economy

Veteran Investor Jim Rogers Skeptical About Bitcoin as Future Currency

Legendary investor Jim Rogers believes that governments are unlikely to authorize Bitcoin, or other major cryptocurrencies, as official fiat money.

“I don’t see cryptocurrencies becoming money because governments do not want that competition,” he said in a recent interview with Kitco News. He recognized Bitcoin’s broader acceptance but cautioned that this doesn’t equate to the status of a legitimate currency.

He further acknowledged El Salvador’s adoption of Bitcoin as legal tender, but said this won’t have a major global impact due to its small population.

Jim Rogers Wishes He Bought Bitcoin Sooner


Rogers, renowned for co-founding the Quantum Fund and Soros Fund Management, is recognized for his unconventional investment approaches. In the late 1990s, he veered towards commodities over tech stocks — a strategy seen as contrarian.

While he doesn’t currently hold any cryptocurrency, he expressed regret for not buying Bitcoin when it was valued at $1.

Although he doesn’t expect cryptocurrencies to become fiat currencies, he does foresee government-issued digital currencies succeeding.

“It’s much more efficient. It’s cheaper. It’s better for many people. And governments love it,” he said. “It’s not good for you and me, but it’s certainly good for the governments.”

Privacy Challenges in CBDC Implementation


The concept of CBDCs has encountered mixed opinions. For example, former US President Donald Trump said he would “never allow” a CBDC in the US if he won the presidential election in November.

Trump credited former presidential hopeful Vivek Ramaswamy for warning him about the issues associated with a potential CBDC.

Trump says he will prevent implementation of Central Bank Digital Currencies (CBDC) pic.twitter.com/vheJDn2HBg

— Bertman (@manofbert) January 18, 2024

“Such a currency would give the federal government absolute control over your money. They could take your money, and you wouldn’t even know it was gone,” Trump has said about the digital money.

Meanwhile, Bank of America suggested in November that a digital US Dollar is not expected to launch soon, despite an ongoing pilot in the country.

“The Federal Reserve (Fed) continues to pilot CBDCs but has not committed to a CBDC and will not issue one without executive branch and Congressional support,” the bank wrote.

The post Veteran Investor Jim Rogers Skeptical About Bitcoin as Future Currency appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

United States Senator Elizabeth Warren has emphasized the need for a legal “level playing field” in the cryptocurrency industry and has called for restrictions...

Economy

On Wednesday, Bitcoin price is showing signs of a significant uptrend, currently trading around the $57,200 mark with a notable increase of over 1.25%....

Economy

Kraken has unveiled a new division dedicated to providing services to institutional clients as it seeks to gain a foothold in the Bitcoin exchange-traded...

Economy

The Internal Revenue Service (IRS) said on Tuesday that it hired two crypto industry executives to aid in digital asset reporting, compliance, and enforcement...

Economy

RSRV, a hotel ownership marketplace co-founded by Aspen-based entrepreneur Stephane De Baets, is partnering with the Tezos blockchain to tokenize a part of the...

Economy

Polygon-backed Humanity Protocol has secured strategic investments from over 20 crypto venture capital firms for its privacy-centric Web3 identity solution. Hashed, CMCC, Cypher Capital,...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.