In his most recent interview with Bloomberg Senior Asia Economy Reporter Michelle Jamrisko, Jim Rogers explains his reasons for not investing in cryptocurrencies and digital assets despite the growing interest in cryptocurrencies among retail investors. . They believe that money invested in crypto in the future will be under the government and will not benefit the investors.
Responding to a question about his lack of interest in investing in crypto and digital assets, the co-founder of Soros Fund Management said that he believes that cryptocurrencies are going to become “government money” at some point. Rogers said that with increasing levels of adoption, centralized government institutions will go after people’s money and try to control them in some way.
The investor also talked about the upcoming release of several CBDCs, which are digital assets, but not necessarily cryptocurrencies, issued by central banks or other centralized financial institutions, which will be backed with the official currency of the government. Rogers said that his own wife and friends are investing in cryptocurrencies and some have even made some profits, while others have lost everything and their portfolios are reduced to zero.
Rogers is not the first investor who has decided not to invest in cryptocurrencies for some reason. Hedge fund manager Seth Kalaraman is one such personality who, despite being a billionaire, does not believe in digital assets like crypto. Recently, Seth Kalaraman said about cryptocurrencies that people who invest in crypto will one day be in big losses and in the end they will have to cry for their decision. Kalaraman, owner of Boston-based Baupost Group, considers gold a better investment option than bitcoin or cryptocurrencies. At present, they have assets of $ 1.2 billion (about Rs 93.98 billion).
Earlier, Microsoft co-founder Bill Gates had termed crypto projects like Non-Fungible Token (NFT) as a forgery. He says that it is based on the ‘theory of making fools’. At the same time, at Berkshire Hathaway’s annual shareholder meeting, popular American billionaire investor Warren Buffett said that bitcoin has many drawbacks and he does not see any value in cryptocurrency. They believe that bitcoin does not produce anything valuable whether its price increases or not. According to him, cryptocurrency is a passive asset, and investors buy and hold it in the hope that in the long run its price will increase and they will earn well.