While many former Bitcoin critics are becoming more tolerant of it, quite a few are still skeptical of the cryptocurrency. Some people like Jim Rogers do not believe that bitcoin is as great as its proponents deem it to be but see it as nothing but a bubble.
The American investor based in Singapore and the CEO of Rogers International Commodities Index (RICI) recently revealed to ET NOW that he has never purchased nor owned any cryptocurrency owning to the history of some cryptocurrencies that have gone extinct.
“I have never bought any cryptocurrency. I wish I had bought a Bitcoin. Obviously, I wish I had. But many cryptocurrencies have disappeared and gone to zero.”
Jim Rogers believes that Bitcoin is like a bubble and prefers other tangible investments like agriculture, silver, gold, oil, and energy, assets which he had been investing in for many decades. He refuses to have anything to do with bitcoin and cryptocurrencies in general.
However, although the American investor expresses his non-existence faith in Bitcoin, he doesn’t hide the great returns yielding power of cryptocurrencies.
Rogers, like some other Bitcoin critics, favor fiat currencies like Dollar over Bitcoin for different reasons. He revealed his reasons for owning Dollars, saying, “Reason I own dollar is because I expect there to be problems later this year or next year. And when there are problems, people look for a safe haven.”
“Now the US dollar is not a safe haven, but people think it is, and that is why I own dollars. People are not going to buy Euro or Pound or Sterling or other currencies. That’s why I own dollars. Dollar is not sound. America is the largest debt-ridden nation in the history of the world, but people think it is (safe)”.
The comparison between Bitcoin and other physical assets like silver or gold has always existed since the creation of Bitcoin as older investors prefer to trust these physical assets than Bitcoin.
However, Coinfomania reported that more and more young investors now prefer Bitcoin over Gold as a hedge against inflation and other market crisis.