Veteran investor Jim Rogers, who co-founded Quantum Fund with billionaire investor George Soros, is issuing a warning to investors that crypto assets could one day be completely controlled by governments.
In a new interview with Bloomberg Crypto, Jim Rogers said that one-day digital currencies will become “government money,” meaning that officials and politicians will take control and command how to use them.
Rogers said that he knows a lot of people who are currently investing in cryptocurrencies and are happy to make money from them. However, there were also many people who were empty-handed.
“My wife invests in crypto of all things, but I don’t invest in them because the bulls say they’re going to be money, and my answer to that is, if and when all our money is on our computer, it’s going to be government money.”
Jim Rogers went on to explain that governments would not allow other currencies to compete with their own. There will come a day when the US government says that crypto is money now.
“That’s not the way bureaucrats think. That’s not the way politicians think. They want control. They want to regulate everything.”
The billionaire was asked if anything would change his mind about investing in crypto. He admitted that if things change then he will also have to change. For example, “If suddenly the euro is all denominated in crypto, well then I have to change,” he said. However, Rogers noted that he doesn’t see it happening.
This is not the first time the Quantum Fund co-founder has warned about governments taking control of cryptocurrencies. In April last year, he said governments could ban cryptocurrencies.
In addition, Jim Rogers also warned last month that more bear markets are coming and that the next bear market will be “the worst” of his life.
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