Bitcoin will disappear and go to zero someday: Jim Rogers

Bitcoin's resurgence has once again captured attention, with its price soaring to over $70,000 this month from $28,000 just a year ago, marking a staggering rally of more than 150% in this fiscal year alone. Currently, it is trading at $62,200. 

However, amidst this crypto frenzy, investor guru Jim Rogers, renowned for his expertise in commodities like gold and silver, remains deeply skeptical about cryptocurrencies' long-term prospects. Speaking at the India Today conclave, Rogers expressed his reservations, stating, "I'm very skeptical of crypto. I don't expect it to last. It's been fabulous for some people now. Not for me, but I do not see any long-term value in cryptocurrency."

Rogers, known for his straightforward opinions, once famously compared Bitcoin to commodities like sugar or rice, emphasising his preference for tangible assets. "I have more confidence in the future in real things that people can use than I do in Bitcoin," he remarked. "Whether it's rice or sugar doesn't matter. I know that rice will always have value. It has always, I do not know that Bitcoin will always have value."

Asserting his stance further, Rogers predicted the eventual demise of Bitcoin, stating, "Bitcoin will disappear and go to zero someday." He contrasted this with the enduring value of commodities like sugar, saying, "The value of sugar is not going to disappear and go to zero someday."

Despite Bitcoin's meteoric rise, Rogers remains unconvinced of its potential to usurp traditional safe-haven assets like gold and silver. "I don't think that Bitcoin is going to replace gold and I don't think it's going to replace silver," he remarked. "Maybe I'm wrong. Maybe I should sell all of my gold and silver and buy Bitcoin. But as far as I can see, most people in the world understand gold and silver, but most do not understand Bitcoin."

When asked about his crypto holdings, Rogers revealed that he doesn't own any cryptocurrencies. "Well, I don't own any cryptocurrencies. None. And I never have but I wish I had bought crypto at $2 or $1. I wish many things. Cryptocurrencies have become trading vehicles for many people. Not for me, I'm not a trader, but many of them have already disappeared."