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Bitcoin poses no threat to governments, Soros Fund co-founder says

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Bitcoin (BTC) is not a threat to governments, according to renowned investor and Soros Fund Management co-founder Jim Rogers.

In an interview with Kitco News on Jan. 31, Rodgers explained that he sees Bitcoin as a trading vehicle and emphasized that it doesn’t pose a threat to governments in terms of replacing established currencies or legal tenders.

Rogers, who in the 1990s designed the Rogers International Commodity Index, a broad index of commodity futures, maintains that cryptocurrency is not a threat to governments. If it was, governments would likely take action.

Simultaneously, he played down the worldwide influence of Bitcoin as a legal tender, referencing El Salvador’s adoption as a limited example. He remarked that he doesn’t foresee cryptocurrencies becoming widely accepted as money, since governments resist such competition.

While acknowledging the increasing acceptance of Bitcoin (BTC), he expressed skepticism about its legitimacy as a currency anywhere, except perhaps in El Salvador, which has a population of only six million. He concluded that this alone is unlikely to have a transformative global impact.

Concerns over CBDC surveillance

Looking forward, Rogers foresaw widespread adoption of digital currencies, particularly central bank digital currencies (CBDCs), by various governments globally.

He remarked, “I fully expect that eventually currencies are going to be on the computer, it’s much more efficient, it’s cheaper, it’s better for many people and governments.”

However, the investor voiced concerns about the increased surveillance potential associated with CBDCs, emphasizing that governments would have detailed access to individuals’ financial activities.

These apprehensions coincide with recent statements from former U.S. President and current GOP candidate Donald Trump, who recently pledged not to support CBDCs should he win the 2024 presidential election, citing concerns about its impact on personal freedoms.

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Author: Ogwu Osaemezu Emmanuel

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