The investment guru who said Bitcoin was in a bubble as early as 2017 recently speculated that all cryptocurrencies will be gone eventually.
“Those who use cryptocurrency think they are smarter than their governments,” Rogers said to AERA dot. “In fact, I think they are correct. But their governments have something that crypto people don’t have. That is guns. The reason why I think cryptocurrency will be gone eventually is that it is not based on the armed force of governments’ power.”
There has been some unproven correlation between the rising and falling prices of cryptocurrencies and governments acting more authoritarian. When Donald Trump ordered the forced dispersal of peaceful protesters near the White House grounds on June 1, the price of Bitcoin surged more than 8%.
Crypto is ‘just gambling’
Cointelegraph reported in November 2017 that Rogers said BTC “looks and smells” like a bubble. This was prior to the cryptocurrency reaching its all-time high price of over $20,000 in December 2017.
”[…] cryptocurrencies didn’t even exist a few years ago, but in the blink of an eye they became 100 and 1000 times more valuable. This is a clear bubble and I don’t know the right price. Virtual currency is not an investment target. It’s just gambling.”
Along with billionaires like Warren Buffett and George Soros, Rogers is considered one of the largest investors in the world. His views in the AERA dot interview echo those of Buffett, who said “cryptocurrencies basically have no value” in February.