By Legendary investor Jim Rogers believes that governments are unlikely to authorize Bitcoin, or other major cryptocurrencies, as official fiat money.
“I don’t see cryptocurrencies becoming money because governments do not want that competition,” he said in a recent interview with Kitco News. He recognized Bitcoin’s broader acceptance but cautioned that this doesn’t equate to the status of a legitimate currency.
He further acknowledged El Salvador’s adoption of Bitcoin as legal tender, but said this won’t have a major global impact due to its small population.
Jim Rogers Wishes He Bought Bitcoin Sooner
Rogers, renowned for co-founding the Quantum Fund and Soros Fund Management, is recognized for his unconventional investment approaches. In the late 1990s, he veered towards commodities over tech stocks — a strategy seen as contrarian.
While he doesn’t currently hold any cryptocurrency, he expressed regret for not buying Bitcoin when it was valued at $1.
Although he doesn’t expect cryptocurrencies to become fiat currencies, he does foresee government-issued digital currencies succeeding.
“It’s much more efficient. It’s cheaper. It’s better for many people. And governments love it,” he said. “It’s not good for you and me, but it’s certainly good for the governments.”
Privacy Challenges in CBDC Implementation
The concept of CBDCs has encountered mixed opinions. For example, former US President Donald Trump said he would “never allow” a CBDC in the US if he won the presidential election in November.
Trump credited former presidential hopeful Vivek Ramaswamy for warning him about the issues associated with a potential CBDC.
Trump says he will prevent implementation of Central Bank Digital Currencies (CBDC) pic.twitter.com/vheJDn2HBg
— Bertman (@manofbert) January 18, 2024
“Such a currency would give the federal government absolute control over your money. They could take your money, and you wouldn’t even know it was gone,” Trump has said about the digital money.
Meanwhile, Bank of America suggested in November that a digital US Dollar is not expected to launch soon, despite an ongoing pilot in the country.
“The Federal Reserve (Fed) continues to pilot CBDCs but has not committed to a CBDC and will not issue one without executive branch and Congressional support,” the bank wrote.
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