Jim Rogers who is considered to be among the top three investors globally thinks Bitcoin is still in a bubble as he speculated in 2017, and cryptocurrencies value as a whole will eventually go to zero.
His views on Bitcoin and virtual currencies (cryptocurrencies) were made known via an interview on 19th of June 2020 with the Asahi publication on Aera dot.
Jim Rogers said in the interview:
I believe that the virtual currency (crypto assets) represented by Bitcoin will decline and eventually become zero. Cryptocurrency markets are volatile as the global economy is in crisis. Even then, cryptocurrencies didn’t even exist a few years ago, but in the blink of an eye they became 100 and 1000 times more valuable. This is a clear bubble and I don’t know the right price. Virtual currency is not an investment target. It’s just gambling.
Jim Rogers believes that in the near future money will only exist in computers and not physically but will be managed and controlled by the government.
He had this to say about governments controlled electronic money:
The government likes electronic money. Because with electronic money, you can keep track of when, where, who spent and how much. Governments will have more control over people through electronic money.
Rogers strongly believes that virtual currencies like Bitcoin which are beyond the control of the government will not be accepted as money. If cryptocurrencies beyond government control ever succeed as money the government will make it illegal and eliminate it. Drawing insights from what the Bank of England in the United Kingdom said about money not issued by them during the mid 1930s:
“If we spend money other than our money as money, it will be treason.” Rebellion means “to the death penalty.”
The government wants to know and control everything and its hard for us to move or spend money without the control of the government. He thinks only government controlled virtual currencies will survive, while electronic currencies like Bitcoin which are beyond government control will be erased and its value will go to zero eventually.
Jim Rogers views ain’t far fetched from what fellow investor and Billionaire, Warren Buffet thinks about Bitcoin and other cryptocurrencies. Warren Buffet in February 2020 said “cryptocurrencies basically have no value”.