Investment legend Jim Rogers has shared a prediction that Bitcoin enthusiasts will not appreciate. n a recent interview, the American investor has predicted that Bitcoin will steadily decline to the value of Zero.
However, while most who make this prediction says it because it has no value, Rogers has been clear that Bitcoin’s downfall will be instigated by governments.
Bitcoin has been around for more than 10 years now. During that time, it has gained enough support to reach millions of people and accrue a market value of billions of dollars. For much of the ten years, it has been smooth sailing in economic challenges. This is not to say it hasn’t been faced by other challenges such as government restrictions.
In 2020, the token has been faced by its first economic hurdle. Like most assets, the economic downfall triggered by COVID-19 has reached Bitcoin. But its response has been nothing but exemplary. Created as a safe haven asset, it has behaved as expected.
So why is the man who from 1970 to 1980, grew his S&P portfolio by 4200% predicting a crash?
Rogers believes that governments have one tool that gives them ultimate power over anyone. In the interview with AERA dot he explained;
“Those who use cryptocurrency think they are smarter than their governments. 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.”
He has also added that there is a cryptocurrency bubble that has made the real valuation of cryptocurrencies unknown. Over the last couple of years, cryptocurrencies have gained 100% to 1000% gains making them a clear bubble he noted.
Bitcoin Is Still King
Bitcoin faces a lot of backlashes, is pronounced dead more times than most assets, but it keeps going. The year 2020 one of its best as it stands strong in a falling economy, growing institutional adoption, and a network stronger than ever.
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