Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, fears the government will ban ownership of Bitcoin (BTC) and other crypto assets.
Bitcoin As An Alternative To The US Dollar
When asked about cryptocurrencies as an alternative to the US dollar index, Rogers said it might be because many people are already reaping the benefits of trading crypto assets.
“Many crypto activists say crypto will be the new money. I know every country in the world is developing digital money, including the US,” explained Rogers.
However, he believes the US will not view crypto as a new currency. The reason is that the government wants to take control and even hold a monopoly on money.
Rogers added he didn’t like it but that’s the nature of government. He thinks the government will tax or regulate or ban crypto because the government doesn’t want to give up control of money.
The mutual fund founder has warned the government can ban crypto assets. That’s why he didn’t invest in Bitcoin, but he regretted not buying Bitcoin last May.
Regarding the US dollar, Rogers believes that the USD is on its way to collapse. International currencies are supposed to be neutral, but the US government is starting to change the rules and is no longer being fair.
“I hold the US dollar because when problems come, people search safe haven. They see the US dollar as safe because of its history,” Rogers said.
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Nevertheless, he sees what is happening to the US dollar today as the beginning of destruction. When the U.S. government does not like certain parties, they impose sanctions and ban the use of U.S. dollars.
Many countries are starting to look for USD competitors, such as China, Russia or India. They are looking for a competing currency because the US is no longer neutral, Rogers continued.
Since Russia attacked Ukraine, the US and a number of other countries have imposed sanctions on Russia.
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Russia has 16 percent of its reserves in US dollars and 32 percent in euros. Nearly 50 percent of Russia’s reserves are held in currency controlled by others who disagree with Russia.
In addition, the US is the largest debtor in the world so people are looking for other currencies for fundamental reasons as well as political reasons.
“I don’t know which currency will win. I’m a US citizen but I don’t like what the government is doing with the US dollar,” Rogers said. [news.bitcoin.com/ed]
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