Bitcoin affects the status of traditional currencies! Commodity King: Fear of Government Regulatory Ban

“Rogers, the commodities king, believes that governments will likely outlaw cryptocurrencies, led by Bitcoin. Photo: Rogers’ Facebook page

The price of bitcoin surpassed $63,000 on the 13th of this month, a record high, but the “Commodity King”, who is a famous investor along with Warren Buffett and Soros, has warned that the price of bitcoin will rise to a record high. “Jim Rogers has warned that governments are likely to ban Bitcoin-led cryptocurrencies because they don’t want to lose their monopoly on their own currency.

A new report on Bitcoin portal notes that Rogers said he has never bought or sold any cryptocurrencies and that “if cryptocurrencies develop successfully, most governments will ban them because they don’t want to lose their monopoly on their own currencies.”

Rogers noted that many countries, including the U.S., are working on cryptocurrencies, and he can’t imagine any government being quick to say, “OK, you can use our cryptocurrency or another country’s,” which historically is not the way governments would operate. The biggest threat to Bitcoin is facing government regulation and bans, but if it remains just a trading tool and is not among the common currencies, then there’s no need to worry about that.

The foreign media pointed out that Rogers is not the only one to warn, others include Bridgewater Associates founder Ray Dalio, Michael Burry, the prototype of the main character of the movie “The Big Short” (The Big Short), and former U.S. Rep. Ron Paul (R-TX), and others. In fact, one of the reasons Bitcoin crashed $8,000 on the 18th, down 15.1%, was because of rumors that the U.S. government would crack down on the “use of digital currency for money laundering”.

However, some venture to believe that the U.S. government is unlikely to ban bitcoin, as banning it would be like shutting down the internet.