Jim Rogers, who co-founded the Quantum Fund with milliardaire investor George Soros, has expressed his view on Bitcoin, its use as capital, as well as the response of governments to that cryptocurrency use. He expects that unregulated capital will not be invested by central banks.
Jim Rogers Bitcoin Talks
In an interview with Asahi Shimbun Singapore Branch Manager Koji Nishimura, released on Friday, renowned investor Jim Rogers expressed his prediction about the future of bitcoin and cryptocurrencies. In 1973 Rogers co-founded the Quantum Fund with the billionaire investor George Soros, one of the most famous hedge funds ever. They achieved a return of 4,200% over 10 years until 1980 compared to 47% for the S&P 500.
Rogers argues that, if the cryptocurrency is used as money, governments intervene rather than just for speculation, making it illegal to stop its use. This is why "I think that the [value of] Bitcoin virtual currencies will decrease and eventually become zero," he told the publication. "It is difficult for us to transfer money without government control," Rogers said, elaborating:
Rogers clarified the instability of cryptocurrency markets , especially during the global economic crisis. "Though there were only no cryptocurrencies some years ago, they were 100 and 1000 times more valuable in the blink of an eye ... It was a simple bubble and I don't know the appropriate price," he said, stressing that crypto-currency isn't investing but playing.
He spoke about electronic currency. 'Governments prefer electronic money because you can keep track of when, where, who and how much you spend with electronic money. Governments would have more influence over people through electronic capital, "explained the investment guru. "Electronic money has a low cost of issuance. Cash should be printed, transported and counted. It's costly for the government.
Nevertheless, cryptocurrencies that are outside of the reach of governments are not recognized as currency, Rogers believes adding that those who work on cryptocurrencies think they are "more intelligent than the administration." For that reason, he said, "I believe the virtual currencies will ultimately vanish."
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