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Jim Rogers Predicts the Demise of Cryptocurrencies, Including Bitcoin’s Eventual Fall to Zero
Jim Rogers, the seasoned investor known for co-founding the Quantum Fund alongside billionaire George Soros, has expressed a bleak outlook for the future of cryptocurrencies, including bitcoin.
He believes that cryptocurrencies will ultimately vanish, with bitcoin’s value plummeting to zero.
Rogers articulated his doubts about the sustainability and long-term value of digital currencies, stating, “I’m very skeptical of crypto. I don’t expect it to last … I do not see any long-term value in cryptocurrency.”
Jim Rogers Expresses Crypto Skepticism
In light of bitcoin reaching record-breaking highs, Jim Rogers, a notable figure in the investment world and a former partner of George Soros, maintains a critical stance on the cryptocurrency market.
His skepticism was evident during his recent appearance at the India Today conclave, where he remarked,
“I’m very skeptical of crypto. I don’t expect it to last. It’s been fabulous for some people now. Not for me, but I do not see any long-term value in cryptocurrency.”
Rogers emphasizes his preference for tangible commodities over digital assets, explaining, “I have more confidence in the future in real things that people can use than I do in bitcoin.
Whether it’s rice or sugar doesn’t matter. I know that rice will always have value. It has always. I do not know that bitcoin will always have value.”
He firmly believes that bitcoin and other cryptocurrencies are destined to fade away: “Bitcoin will disappear and go to zero someday.”
Contrary to the disappearing value of cryptocurrencies, Rogers sees a lasting value in commodities like sugar. He also disputes the idea that bitcoin could replace traditional safe-haven assets such as gold and silver, stating, “I don’t think that bitcoin is going to replace gold and I don’t think it’s going to replace silver.”
Rogers disclosed that he does not possess bitcoin or any cryptocurrencies and prefers investing in gold and silver, underscoring his belief that, “In my view, cryptocurrencies apparently are good trading vehicles … I expect them all to disappear someday. Many of them have already disappeared.”
Rogers has consistently voiced his skepticism toward cryptocurrencies, citing concerns over potential government bans and regulation.
Moreover, his caution extends to the fate of the U.S. dollar and the looming threat of a severe recession, highlighting the global shift towards alternative reserve currencies and the potential ascendancy of the Chinese yuan over the USD.
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