Macro investor and financial commentator Jim Rogers says governments may take steps to ban Bitcoin if the cryptocurrency begins seriously threatening the future of fiat currencies.
In a new video, Rogers argues that if Bitcoin’s use case as a currency solidifies then there is a real danger of it usurping fiat currencies. Rather than cede power, governments will seek to “outlaw” the flagship asset, predicts Rogers.
“If Bitcoin ever becomes a viable currency, not a trading vehicle, but a viable currency, they can outlaw it.
“If it’s just a trading vehicle, I don’t see any reason that they would outlaw it. Unless it’s money laundering or something like that. No, if people aren’t trying to use it to compete with government money, why not?”
The macro investor adds that the threat governments pose to Bitcoin will only grow once governments develop digital versions of their own fiat currencies.
“Governments don’t want to lose control. They like their monopoly, and once they all have their own government money, do you think they’re going to say, ‘Okay, here are US dollars and they’re on the computer, but if you want to use something else, you can?’
That’s actually not my experience with governments anytime in history… well, most times in history. And I can’t imagine the US government’s going to let people do that.”
But for now, Rogers points out that he views Bitcoin primarily as just a tradable asset with few other use cases unlike metals such as silver.
“As a store of value, I don’t – well, yeah, considerably, but I don’t know what the value is. Listen, if we have a store of value of silver, I know that silver can be used in solar panels, and electric cars, etc, etc. I don’t know what Bitcoin can be used as except for trading them.”