Veteran Investor Jim Rogers on Crypto: Bitcoin Unlikely to Become Money, Governments Favor CBDCs
In a new interview, Jim Rogers, who helms Rogers Holdings Inc. and was a co-creator of the Quantum Fund alongside George Soros in the 1970s, shared his observation of various signs that something is going to go wrong soon within the U.S. economy, predicting an impending recession. Additionally, Rogers discussed the leading crypto asset bitcoin, emphasizing his skepticism towards cryptocurrencies evolving into actual money. He underscored that should they pose a real challenge to traditional fiat currencies, governments will not tolerate it.
Renowned Investor Jim Rogers Expects a Recession Im Afraid I See the Signs
On Feb. 1, 2024, Jim Rogers engaged in an interview with Michelle Makori, the lead anchor and chief editor at Kitco News, delving into discussions on the U.S. economy, particular investment strategies, and briefly addressing bitcoin (BTC). Rogers shared with Makori his anticipation of a market slump, despite U.S. equities reaching peak levels unprecedented in recent years. He firmly believes the forthcoming decline will surpass any he has witnessed throughout his life.
In 2008, we had a big problem, but the debt everywhere has skyrocketed since then, Roger said. So the next recession has to be the worst in my lifetime because the debt is so much higher now than it has ever been before in my lifetime. Even China has a lot of debt now.
Rogers explained to Makori that the greenback has recently been in disarray, with many still viewing cash, particularly U.S. dollars, as a refuge. He further stressed:
The U.S. dollar is not a sound currency anymore. Were the largest debtor nation in the history of the world. But everybody thinks its a sound currency, and they think its a safe haven. So when problems come, people race to a safe haven.
Bitcoin Does Not Pose a Threat to Government Currency Its Just a Trading Vehicle
In the second part of their conversation, Makori queried Rogers on his views regarding bitcoin, especially after the U.S. Securities and Exchange Commission (SEC) green-lit a significant number of spot bitcoin exchange-traded funds (ETFs), recalling his earlier assertion that governments would ban bitcoin. Well my point just to clarify, is that I dont see cryptocurrencies becoming money because the governments do not want that competition, Rogers emphasized.
The business mogul added:
I dont think its a legitimate currency anywhere, except maybe in El Salvador, but El Salvador only has six million people, so I dont think thats going to change the world. I dont own any cryptocurrencies. I never have, Im not short any, Ive never been short any [cryptocurrencies]. I mean I wish Id bought it when it was a dollar, I wish Id bought IBM in 1914, I wish a lot of things you know, looking back in history.
However, Rogers maintained that should crypto assets pose real threats to governments, they will not stand for it. Thats not the way Washington or London or other places work, Rogers quipped. To date, cryptocurrencies such as bitcoin (BTC) do not pose a threat to state-issued currency, in Rogers view, being merely a trading vehicle. As Rogers interview concluded, Makori inquired about his stance on central bank digital currencies (CBDCs), to which he emphasized that governments, naturally, are very fond of the concept.
I fully expect that eventually, currencies are going to be on the computer, Rogers explained. Its much more efficient, its cheaper, its better for many people, and governments love it because as you point out they know everything you do. Theyll call you up one day and say Michelle youve been drinking too much coffee this month, dont drink so much coffee anymore Theyll know everything you do, theyll know everything we do, governments love that, I dont particularly like it, I think its horrible. But governments have the guns. I dont have any guns. So they will do what they want and I suspect and it should happen that currency money will be on the computer someday.
The chairman of Rogers Holdings continued:
Its not good for you and me, but its certainly good for the governments.
What are your thoughts on Jim Rogers perspectives regarding bitcoin and central bank digital currencies (CBDCs)? Share your thoughts and opinions about this subject in the comments section below.
Source: Bitcoin.com
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Text source: Crypto Breaking News
