Jim Rogers: “Cryptocurrencies are Going to Disappear and Go to Nothing.” The Reason Why Might Shock You.
Jim Rogers believes governments will interfere with the rise of bitcoin and cryptocurrency, but not blockchain.
“The blockchain has a great future,” the famous investor told BBLOKK OFFICIAL. “Blockchain is changing everything we know, and it’s going to change even more. A lot of people are going to lose their job because of blockchain, but a lot of people lost jobs because of electricity, and electricity turned out to be a good thing for all of us; likewise with blockchain.”
He stresses: “That’s different from cryptocurrencies. Cryptocurrencies are going to disappear and go to nothing, but blockchain is going to be wildly successful and important.”
“The governments have the guns,” Rogers said. “The crypto people will say they are smarter than the government, and they are – my goodness they’re smarter than the governments. But the government has guns. If the government comes in and says you’re not going to do this anymore, you’re not going to do it whether you like it not.”
He cites how 100 years ago people could use whatever they wanted as money. But that changed during the twentieth century. “In the 1930s, the British government, the Bank of England, said it’s an act of treason – treason! – to use anything other than [their] money. People used to use anything they could as money, but an act of treason means they execute you.”
This is not the first time Rogers has been critical of cryptocurrency. He has warned about the power of government to squash cryptocurrency in the past. “Whether we like it or not, Bitcoin and most other cryptocurrencies may not survive into the future because governments have the guns and government don’t like losing control,” he said.
Of Bitcoin, he once said: “It looks and smells like all the bubbles I have seen throughout history.”
His sentiments regarding blockchain, unlike cryptocurrency, have seemingly long been positive.
“Blockchain is one of the most important things going on in the world today,” he said. “Blockchain will change everything we know. I don’t suspect any cryptocurrencies will survive, probably all of them gonna disappear. But blockchain has a spectacular future. I wish I could find a good way to invest.”
Rogers, who considers his economic views most akin to the Austrian School variety, made a Guinness World Record Journey through 116 countries in which he covered 245,000 kilometers in a custom-made Mercedes. The trip lasted from January 1, 1999, to January 5, 2002. He wrote the best-seller, Adventure Capitalist, about the around-the-world journey.