Legendary investor and chairman of Rogers Holdings, Jim Rogers, was recently interviewed in Singapore about the current state of artificial liquidity. In the interview, he also speaks about how he missed out on the best bitcoin investment opportunity.
Rogers says that his biggest fear about today’s economy is how banks print out vast amounts of money. His concern is that with America, Japan and Britain printing money, economies are given temporary solutions which will later on effect the global economy.
When asked about whether or not he has invested in digital currencies, Rogers states:
“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.”
However, the legendary investor does say that if he learns more about bitcoin and the price is right, that he may invest some effort into them. Rogers adds that there is possibility that a new form of currency can become more popular than the US dollar. He says:
“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.”
Even the most powerful of concepts are replaced in time. The dollar has been dominant for almost a century, but with the 21st century’s dawn of the digital age, people need a currency that can keep up with everyday life. The dollar had a great run, but all good things must come to an end.
Though bitcoin is thought of as the be all end all of solving the world’s financial problems by many enthusiasts, the truth is if it does take over modern currencies, it will only be around until something even better comes along.