The Luminary Investor Jim Rogers, who co-founded Quantum fund and Soros fund Management with his business partner George Soros talks about why he is being a pessimist about the cryptocurrency market space in an interview with Michelle Jamrisko, Bloomberg’s Senior Asian Economy Reporter, on 4th August 2022.
The old school Investor has already maxims giving early warning signs to the Investors regarding the forthcoming worst bear market in decades on 30th July 2022.
In the interview with Michelle Jamrisko, he quotes the rationales why he is keeping himself away from the “invest in crypto” wave. Moreover, he said how the government is going to run after people’s crypto holdings in future, trying to control the digital assets.
However, retail investors are very optimistic about the future of digital assets, cryptocurrencies, and stablecoins, including the adoption of Bitcoin as a mode of payment in some countries. Jim Rogers also quoted the central bank’s plans to release Central Bank Digital Currencies (CBDCs). In a tabulated discussion on Thursday, the veteran investor cleared his stance on cryptocurrencies, saying that “it is going to be government’s money.”
He also discussed how his wife, colleagues, and his friends are investing in cryptocurrencies. Furthermore, some are making huge profits out of their crypto portfolios, and some are losing it all. Though the interview was quite diplomatic, wherein the investor did not clear whether he was talking about the launch of Central bank digital currencies (CBDCs) or decentralized finance.
In the world of blockchain and cryptocurrency, no one can access your non-custodial wallet unless you by mistake install malware or there is an attack by any hacker in the hot wallet. Moreover, no centralized entity or individual can get access to your crypto holdings until they have access to your laptop or PC. So, the government’s chances of controlling people’s crypto holdings are very low.
Not only Jim Rogers, but there are other old-school investors like Warren Buffet, CEO of Berkshire Hathway, who has already quoted that he does not see any real value in Bitcoin or any other cryptocurrency. However, the war of words in the cryptocurrency market space will continue, as even the big sharks believe that crypto is a bubble that can burst anytime.
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