Quantum Fund Cofounder Jim Rogers Insists Governments Could Ban Cryptocurrencies

Veteran financier Jim Rogers, who co-founded the Quantum Fund with billionaire financier George Soros, is still fretted about governments disallowing bitcoin and other cryptocurrencies. “If cryptocurrencies end up being effective, a lot of governments will disallow them, due to the fact that they put on’t wish to lose their monopoly,” he stated.

Jim Rogers Still Worried About Government Banning Bitcoin

Renowned financier and George Soros’ previous service partner who co-founded of the Quantum Fund and Soros Fund Management, Jim Rogers, still thinks that the federal government can ban bitcoin and other cryptocurrencies.

Noting that he “never ever purchased or offered any cryptocurrencies,” Rogers informed Kitco News’ Michelle Makori recently:

If cryptocurrencies end up being effective, a lot of governments will disallow them, due to the fact that they put on’t wish to lose their monopoly.

“Every federal government on the planet is dealing with computer system cash now, consisting of the U.S. The Chinese exist currently. I cannot envision that governments are going to state ‘ok, this is our crypto cash, or you can utilize their crypto cash.’ That’s not the method governments work, traditionally,” he suggested.

Rogers included: “Money is going to be on the computer system. It currently remains in China. In China, you can’t take a taxi with cash. You need to have the cash on your phone, you can’t even purchase ice cream. So it’s occurring, however I question if it’s going to be another person’s cash. History reveals it will be federal government cash.”

He thinks that the most significant danger to bitcoin is federal government guideline “if it ends up being effective,” however not “as long as it stays a trading car.”

The Quantum Fund co-founder even more kept in mind:

I understand people that are making a great deal of cash trading it, it’s a terrific trading car, obviously. But, if it ends up being a currency, which is what the crypto individuals state that it will be, I cannot envision that any federal government, or lots of governments, on the planet will state ‘ok, you can utilize our cash, or their cash.’ That’s not what history programs.

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Commenting on the Federal Reserve Chairman Jerome Powell comparing bitcoin to gold in regards to how they are both utilized for speculation, Rogers concurred that individuals are utilizing both as trading automobiles. However, he included that history would suggest that silver and gold would most likely have a much better future than cryptocurrencies due to the fact that they are not attempting to take on the dollar or other sovereign currencies.

Rogers is not the only one who has actually cautioned about governments actioning in and disallowing cryptocurrencies. Others consist of Bridgewater Associates creator Ray Dalio, The Big Short’s Michael Burry, and Ron Paul.

However, many individuals also stated that governments cannot disallow bitcoin. A commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, just recently stated that governments would be “absurd” to attempt to ban bitcoin which prohibiting it would resemble closing down the web. In addition, she stated that “it’s really challenging to ban something that’s basically a peer-to-peer innovation.”

Do you believe Jim Rogers’ worry about the federal government prohibiting bitcoin is unproven? Let us understand in the comments area below.

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