Former business partner of George Soros, co-founder of Quantum Fund and Soros Fund Management Jim Rogers said that he was always skeptical about cryptocurrencies. Even the recent bullish rally in the crypto market and Bitcoin reaching a new all-time high could not change Rogers’ opinion about digital assets. According to the billionaire, interest in cryptocurrencies cannot last long – they have no intrinsic value, so the Bitcoin rate will fall to zero in the future.
“For some people, cryptocurrencies are just fantastic. But not for me, I don't see any long term value in them. I'm more confident in the future of real things that people can use in practice. It doesn't matter if it's rice or sugar. I know that rice will always have value. Sugar is also not going to disappear from the markets. But I have my doubts about Bitcoin,” Rogers said.
The billionaire also doubted the ability of the first cryptocurrency to replace precious metals. According to Rogers, most people in the world prefer to buy gold and silver, and investing in Bitcoin causes confusion among them.
“I have never bought, sold or shorted Bitcoin. But I have a lot of gold and silver. Cryptocurrencies may be good for trading now, but they will all disappear someday. Many of them have already disappeared,” the cryptoskeptic made a gloomy forecast.
Rogers made similar statements back in 2020. He called Bitcoin a bubble and said that the weakness of cryptocurrencies is the lack of military force. Rogers recently assured that Bitcoin does not threaten the traditional financial system.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
