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American investor and co-founder of Soros Fund Management Jim Rogers said he regretted not buying bitcoin more than a decade ago, when its value in US dollars ranged from $ 1 to $ 5. Interestingly, in 2020, he argued that investing in cryptocurrencies, in fact, is a game of chance, and predicted that the price of BTC will sooner or later fall to zero.
In an interview with the Economic Times, Jim Rogers suggested that the financial system will face serious problems in the next ten years. For this reason, he decided to buy gold and silver as soon as he saw that they were trading at reasonable prices.
The investor also discussed bitcoin, which, according to many experts, can serve as a protection against inflation and a suitable investment tool similar to precious metals. Rogers admitted that he does not own BTC and regrets not stocking up on a small amount of cryptocurrency at a time when the asset was worth $ 1.
Rogers also believes that cryptocurrency could play a vital role in the monetary network of the future, and criticized the digital currencies of central banks. He noted that CBDCs will have a completely different purpose and will be used by central banks and governments to monitor people’s transactions:
In this regard, I have optimism about the future of crypto money, but not government crypto money… Governments don’t like competition, they like to maintain their monopoly.
It is worth noting that Rogers’ previous position on bitcoin was not so positive. Almost two years ago, he opined that the distribution of wealth in the crypto market is “just gambling,” while BTC is overvalued and will eventually simply disappear:
A few years ago, cryptocurrencies didn’t even exist, but in the blink of an eye, their value became 100 and 1,000 times higher. It’s a clear bubble and I don’t know their correct price.
The transition from the ranks of crypto critics to the number of its supporters is not uncommon for the industry. A good example is billionaire investor and owner of the Dallas Mavericks basketball team, Mark Cuban. In the past, he claimed that in real life, bitcoin is used less often than a banana, and recently he has become its convinced promoter. That year, he called it a financial religion and a better investment tool than gold.
Kevin O’Leary of Shark Tank also fits that definition. In 2019, a Canadian called bitcoin a “useless currency” and “garbage.” However, last year he changed his mind to the opposite and invested 3% of his portfolio in BTC. In April, he opined that BTC has become a gold-like store of value and its valuation will never drop to zero.
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