Why One Famous Investors Thinks Crypto Is On A Crash Course With Governments
Plus a new EU regulatory regime?
Happy Friday, Blockfolians!
Another famous investor has joined the conversation about bitcoin and cryptocurrencies but, unlike Paul Tudor Jones, Jim Rogers’ perspective is somewhat more depressing.
The government likes electronic money. Because with electronic money, you can track when, where, who spent what amount. Governments will have more control over people through electronic money.
The government wants to know everything. Controllable electronic money will survive, and virtual currencies beyond the influence of the government will be erased.
"I believe that the virtual currency represented by bitcoin will decline and eventually become zero. This is a clear bubble and I don't know the right price. Virtual currency is not an investment target. It's just gambling.
Unsurprisingly, our crowd didn’t find the argument particularly compelling.
Still, we can reject Rogers position whole cloth or instead choose to see it as a reflection of a perspective help by some - perhaps even many - in government.
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