Jim Rogers, Cofounder of Quantum Funds Weigh in on Bitcoin; Says Government Will Stop Crypto

News • 2020/07/04 • by

Famous investor Jim Rogers expressed his optimism regarding the prospects of bitcoin and cryptocurrencies in an interview with Asahi Shimbun Singapore branch manager Koji Nishimura, released on Friday. In 1973, Rogers co-founded the Quantum Fund with billionaire investor George Soros, deemed one of the most profitable hedge funds in its heyday. They won a return of 4.200 per cent over 10 years in 1980 relative to 47 per cent for the S&P 500.

Rogers assumes that if bitcoin succeeds in being used as capital, instead of being used exclusively for gambling, regulators may interfere, rendering it unlawful to avoid using it.
For this reason, "I truly think that the [value of] virtual currencies defined by bitcoin will decline and ultimately become zero," he said. "It's difficult for us to transfer capital without government intervention," Rogers said, adding:

The policy needs to hear more of it. Regulated online currency should exist, and virtual assets outside the government's reach would be removed.

Rogers clarified that cryptocurrency markets are unpredictable, especially during the global financial crisis. "Even though cryptocurrency did not exist a few years ago, in the twinkling of an eye, they are 100 and 1,000 times more expensive ... this is a simple bubble, and I don't know the correct amount," he said, stressing that crypto is not an investment, but gambling.