Jim Rogers, a well-known American businessman and chairman of Rogers Holdings, a Singapore-based firm, was recently interviewed in Singapore about his views on the world economy and the current situation of artificial liquidity. During the interview he also discussed bitcoins and specified why he missed the best opportunity to invest in the digital currency.
Mr. Rogers says that his biggest concern in the economy today is the banks that are printing more and more money. He believes that such countries that are printing money – America, Japan and Britain – are making the actions that will later have a huge impact on the world economy.
Rogers was asked whether he made bitcoin investments. His answer:
“No, I never learned enough about it. If I were smart, I would have bought it in the early days when people first told me about it. I still don’t know enough about it to invest in it.”
Nevertherless, the investor mentions that if in the future he learns more about the digital currency and sees the potential he will invest into the bitcoins. Rogers points out that there is a great possibility for a new currency to become a competitor of the US dollar. Jim Rogers states:
“The U.S. dollar has dominated the world for the past 70 to 80 years. Somebody is going to stop using the dollar eventually. We need something to compete with the U.S. dollar, and something to replace it eventually. Whether it’s the bitcoins, the RMB or seashells, I have no idea.”
All good things come to an end. Time brings changes and even the most popular concept may be replaced at some point. Even though the US dollar has been dominant for such a long time, in the digital age people need a currency that can keep up with the time.
Though at the moment bitcoin is the solution to most of the financial problems, and even if it finally takes over modern currencies, it will be dominant only until something even better comes out.