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Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, expects all cryptocurrencies, including bitcoin, to disappear someday. Anticipating bitcoin going to “zero,” he stressed: “I’m very skeptical of crypto. I don’t expect it to last … I do not see any long-term value in cryptocurrency.”
Jim Rogers Remains Skeptical of Crypto
Despite bitcoin’s recent price explosion that set a new all-time high, veteran investor Jim Rogers remains skeptical of the cryptocurrency and the broader crypto market. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.
Rogers threw cold water on the crypto craze at the India Today conclave last week, stating:
I’m very skeptical of crypto. I don’t expect it to last. It’s been fabulous for some people now. Not for me, but I do not see any long-term value in cryptocurrency.
“I have more confidence in the future in real things that people can use than I do in bitcoin,” he continued. “Whether it’s rice or sugar doesn’t matter. I know that rice will always have value. It has always. I do not know that bitcoin will always have value.”
The veteran investor also asserted:
Bitcoin will disappear and go to zero someday.
On the other hand, he pointed out that the value of commodities such as sugar will not vanish. “The value of sugar is not going to disappear and go to zero someday,” he noted.
Moreover, Rogers doubts bitcoin’s ability to replace safe-haven assets like gold and silver. “I don’t think that bitcoin is going to replace gold and I don’t think it’s going to replace silver,” he opined. “Maybe I’m wrong. Maybe I should sell all of my gold and silver and buy bitcoin. But as far as I can see, most people in the world understand gold and silver, but most do not understand bitcoin.”
Rogers also confirmed that he does not own bitcoin or any other cryptocurrencies. When asked where he would buy gold or bitcoin, he replied: “I have never bought bitcoin. I have never sold or short bitcoin. I do have a lot of gold and silver as you can see.” He concluded:
In my view, cryptocurrencies apparently are good trading vehicles … I expect them all to disappear someday. Many of them have already disappeared.
The renowned investor has long been a crypto skeptic. In 2021, he said he wouldn’t buy bitcoin because governments may outlaw cryptocurrencies. He followed this up in 2022 by highlighting government desires to control and regulate all aspects of crypto. In February this year, he cast further doubt on bitcoin’s potential to become money.
Rogers’ skepticism extends beyond cryptocurrencies. He has also warned of the potential demise of the U.S. dollar, pointing to countries exploring alternative reserve currencies. He predicted that the U.S. will suffer as the value of the dollar erodes further, seeing the Chinese yuan as the USD’s competitor. He also expects the next recession to be the worst one in his lifetime.