Renowned investor and George Soros’ former business spouse who instills of the Quantum Fund and Soros Fund Management, Jim Rogers, nevertheless believes that the government can prohibit bitcoin and other cryptocurrencies.
If cryptocurrencies become successful, most authorities will outlaw thembecause they don’t need to end up losing their monopoly.
‘Every government in the world is currently operating on pc cash today, including the U.S.. I can’t imagine that governments are going to say’okay, this is our crypto money, or you can use their own crypto money.’
Rogers added:’Cash is going to be about the computer. It is currently in China. In China, you can’t take a cab with cash. You have to have the money on your phone, you can not even buy ice cream. So it is happening, however, I doubt if it’s going to be someone else’s money. History reveals it is going to be government cash.’
He believes that the biggest danger to bitcoin is government regulation’if it becomes effective,’ but not’provided that it remains a trading car.’
The Quantum Fund co-founder additionally noted:
I know men that are making a lot of money trading it, it’s a fantastic trading vehicle, obviously. However , if it turns into a currency, that is what the crypto individuals state that it will be, I cannot imagine that any government, or many authorities, in the world will say’okay, you can use our cash, or their cash.’ That is not exactly what history reveals.
Commenting about the Federal Reserve Chairman Jerome Powell comparing bitcoin to golden concerning how they’re used for speculation,” Rogers agreed that folks are using both as vehicles. But he added that the background would indicate that silver and gold would probably have a better future than cryptocurrencies since they are not attempting to compete with the buck or other autonomous currencies.
Rogers is not the only one who has warned about authorities stepping into and outlawing cryptocurrencies.
But many people also said that governments can’t outlaw bitcoin. A commissioner using the U.S. Securities and Exchange Commission (SEC), Hester Peirce, lately stated that governments would be’ absurd ‘ to try to prohibit bitcoin and banning it would be like shutting down the net. Furthermore, she stated that’it’s quite hard to ban something that’s essentially a peer reviewed technology’