Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
![Quantum Fund Cofounder Jim Rogers Insists Governments Could Ban Cryptocurrencies to Maintain Monopoly](https://news.bitcoin.com/wp-content/uploads/2019/09/jim-rogers-768x432.jpg)
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, is still worried about governments outlawing bitcoin and other cryptocurrencies. âIf cryptocurrencies become successful, most governments will outlaw them, because they donât want to lose their monopoly,â he said.
Jim Rogers Still Worried About Government Banning Bitcoin
Renowned investor and George Sorosâ former business partner who co-founded of the Quantum Fund and Soros Fund Management, Jim Rogers, still believes that the government can ban bitcoin and other cryptocurrencies.
Noting that he ânever bought or sold any cryptocurrencies,â Rogers told Kitco Newsâ Michelle Makori last week:
If cryptocurrencies become successful, most governments will outlaw them, because they donât want to lose their monopoly.
âEvery government in the world is working on computer money now, including the U.S. The Chinese are there already. I cannot imagine that governments are going to say âok, this is our crypto money, or you can use their crypto money.â Thatâs not the way governments work, historically,â he opined.
Rogers added: âMoney is going to be on the computer. It already is in China. In China, you canât take a taxi with money. You have to have the money on your phone, you canât even buy ice cream. So itâs happening, but I doubt if itâs going to be someone elseâs money. History shows it will be government money.â
He believes that the biggest threat to bitcoin is government regulation âif it becomes successful,â but not âas long as it remains a trading vehicle.â
The Quantum Fund co-founder further noted:
I know guys that are making a lot of money trading it, itâs a wonderful trading vehicle, apparently. But, if it becomes a currency, which is what the crypto people say that it will be, I cannot imagine that any government, or many governments, in the world will say âok, you can use our money, or their money.â Thatâs not what history shows.
Commenting on the Federal Reserve Chairman Jerome Powell comparing bitcoin to gold in terms of how they are both used for speculation, Rogers agreed that people are using both as trading vehicles. However, he added that history would indicate that silver and gold would probably have a better future than cryptocurrencies because they are not trying to compete with the dollar or other sovereign currencies.
Rogers is not the only one who has warned about governments stepping in and outlawing cryptocurrencies. Others include Bridgewater Associates founder Ray Dalio, The Big Shortâs Michael Burry, and Ron Paul.
However, many people also said that governments cannot outlaw bitcoin. A commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, recently said that governments would be âfoolishâ to try to ban bitcoin and that banning it would be like shutting down the internet. In addition, she said that âitâs very difficult to ban something thatâs essentially a peer-to-peer technology.â
Do you think Jim Rogersâ fear about the government banning bitcoin is unfounded? Let us know in the comments section below.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.