“Commodity king” Rogers pound warning! The biggest threat to Bitcoin is government regulation! If it succeeds, governments may ban it!

Jim Rogers, the famed investor known as the Commodity King, has warned that most governments will ban cryptocurrencies if they succeed because they don’t want to lose their currency monopoly.

According to a report on Bitcoin.com on Monday (April 26), Rogers remains concerned that the government will clamp down on bitcoin and other cryptocurrencies. Mr. Rogers co-founded the Quantum Fund with billionaire George Soros.

According to reports, Rogers told Kitco News last week that he had “never bought or sold any cryptocurrency.” “If cryptocurrencies are successful, most governments will ban them because they don’t want to lose their monopoly status,” he said.

Rogers noted that governments around the world today, including the United States and China, are looking at cryptocurrencies. “I can’t imagine governments saying, ‘Well, here’s our cryptocurrency, you can use theirs, too.’ Historically, that’s not how governments work,” he said.

He believes the biggest threat to Bitcoin is government regulation “if it succeeds,” but not “as long as it remains just a tool of exchange.”

“I know people who have made a lot of money trading bitcoin, and it’s obviously a good trading tool,” says Mr Rogers. But if Bitcoin becomes a currency, as many cryptocurrency enthusiasts have said, then I can’t imagine any government in the world would allow that to happen.”

Jerome Powell, the chairman of the Federal Reserve, has compared bitcoin to gold, saying both are seen as speculative trading vehicles.

Rogers agrees. He says people are using both as tools of trade. However, Rogers added that history will show that silver and gold are likely to have a better future than cryptocurrencies, as they don’t try to compete with the dollar or other sovereign currencies.

Rogers isn’t the only one warning governments to step in and clamp down on cryptocurrencies. Others include Ray Dalio, founder of Bridgewater Associates, Michael Burry, The original character in ‘The Big Short,’ and former U.S. Rep. Ron Paul.

In an interview with CNBC on Friday, Nassim Taleb, the author of “Black Swan,” was more adamant that Bitcoin is an open Ponzi scheme and a failed currency. “There is no link between inflation and bitcoin,” Taleb told CNBC. He added that everyone knows bitcoin is a “Ponzi scheme”.

Some analysts see the cryptocurrency, often referred to as digital gold, as a hedge against inflation, and highlight its similarities to gold.

“If you want to hedge against inflation, buy a piece of land,” says Taleb. The best strategy for investors is to own something that will generate future returns. In other words, you can count on the actual revenue the company brings in.” He also said that Bitcoin has failed to fulfill its role as an alternative to government-backed currencies, mainly because of its volatility.

Bitcoin prices have fluctuated wildly recently. Bitcoin, the world’s largest cryptocurrency by market value, briefly climbed to a new high of nearly $65,000 before Coinbase’s April 14 IPO. But in less than 10 days, bitcoin fell below the critical $50,000 mark, falling for seven straight days. The price of bitcoin rebounded to around $54,000 in Asian trading on Tuesday.

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