Jim Rogers "Bitcoin & Cryptocurrencies will Crash to Zero Due to Governments"

bitcoin is hated blockchain is hated by a lot of the establishment what is your view of this new technology are you looking at it as an investment opportunity is it on your radar well Bitcoin and blockchain are two different things I'm wildly bullish on blockchain that's gonna change everything we know everything we know we put a lot of people out of business but electricity put a lot of people out of business we're not going to close down electricity because it changed change the world what Kryptos are going to disappear they're going to go to zero something mostly all Chris all crypto sore already have well there may be government Kryptos you know the government is going to wind up in charge the cryptocurrency guys say all the time we're smarter than the government and they are everyone is smarter than the governmental question about that but the government has the guns and Christopher when the guns come around and say you're not going to use that in the 1930s people could use anything they wanted as money gold coins paper money sugar seashells anything you want from the Bank of England which is the most important financial or most important economy in the world said from now on using anything except Bank of England banknotes is an act of treason what treason means they execute you owe you that's pretty serious that is something to consider people stopped using seashells sugar cubes and anything except Bank of England authorised money that will happen again if the cryptos get much attraction get much traction but if they do the government's will step in with their own cryptos or treason now you might be right I mean that's very interesting perspective what do you make of Futures Trading for example CBO ECM email trades Bitcoin futures contracts we have seen a lot of this now move to Wall Street I've been speaking with hedge fund managers that tell me well they think the crypto market's going to be a forty trillion dollar market and the not-too-distant future what what do you make of that it looks like Wall Street's buying this stuff so are they just buying it and it's gonna go to zero or it's gonna go to forty trillion in my view it's gonna go to zero you know we don't have to debate it I don't have to debate within the market will tell us you know in a year or two or five we'll know whether it's zero or forty trillion yeah I'm not sure it but I'm certainly not long either if it goes to 43 and I will look back and say another mistake and now that we all make them that and so I made a lot of mistakes in my young years too so I continually make mistakes my young years old years all years so let's talk about the trade war Donald Trump right he's this force in America many did not expect him to win the US election he's considered an outsider now he's president the United States he's bold in a lot of matters he's protectionist some would argue there's this trade war with China I've heard you say that this is not necessarily making America great again it's making China and Asia great again so is this the 21st century of China the 21st century is the century of Asia that's why I'm here that's why I moved here in 11 years ago yes he's you know in 2000 when he put on his first day he got out of the TPP everybody nazar looked around and said oh my god that means china china owns asia now because the american pulled out in left asia the Koreans aren't gonna take over the Japanese aren't that Australians aren't so all of a sudden everybody realized oh my gosh that means Asia is now Chinese and there's no competition in Asia there's competition obviously and things don't work that simple but basically mr. Trump pulled out of Asia and left it to the Chinese and everything every time you turn around put huge sanctions on the Russians so the Russians and the Chinese you go to Moscow Airport now it's full of Chinese have long queues because of the five years ago there were no Chinese in Moscow now they're everywhere so the Russians and the Chinese are getting closer and closer together the Chinese and the Persians you know mr. mr. Trump is helping Asia and the Chinese and other countries in a lot of ways whether he knows that are not apparently he doesn't know and if he knows that he doesn't care do you believe that Russia hacked the u.s. election there seems to be a lot of propaganda I really don't listen to the Talking Heads to be frank with you the mainstream media I didn't change my vote because of anybody hacking me I assure you I voted my way if somebody hacked me they didn't have any didn't have any influence okay what do you think America for decades has been hacking everybody's elections but we didn't have internet absolutely we get we see wars overseas in the Middle East that's that's more than hacking military coup or something so it seems a little bit hypocritical for Washington to say they're trying to influence our elections when we have not just been trying we have been very successful in interfering in elections for decades now prior to the outbreak of World War two the United States placed an oil embargo on Japan effect somewhat of a trade war and then we got the bombing of Pearl Harbor could something is severe and I pray it doesn't but if something could something as severe as that happened again as a result of the policies we see out of Washington DC today it wasn't just oh well back then they also put an embargo on scrap steel and the Japanese needed scrap iron etc for their for their economy so they took it as an act of war rightly I mean if somebody stopped exporting to the US I promise you we would take it as an act of war if nobody would sell us oil or steel or whatever we need so yes that is what happened what is happening now historically I'm sure you know better than I do historically trade wars have always been a disaster nobody's ever won a trade war history is very clear about the effects of trade wars now I don't know if mr. Trump knows history or cares he thinks he's smarter than history maybe he is I don't know but nobody's ever been smarter than trade Wars and trade Wars frequently or often have led to real Wars I mean it makes sense you you start slapping somebody in the face and you slap them again or you slap them again they're gonna fight back they have to whether they should or not it's a different argument and I sometimes wonder wouldn't the Chinese you better just doing nothing because it would raise the cost of living in the US a lot well they would not have an increase of cost of living if we were more friendly with the Chinese couldn't we almost take over the world along with them and we could make a lot of money right with American Chow my gosh can you imagine can you imagine what a powerhouse that would be that's the idea but most ideals I feel such situations and scenarios usually don't work yeah could be could be wishful thinking right and there's usually a lot of disruption out there we're the opportunities for our younger viewers tuning in maybe some of our older viewers what should they be studying what should they consider investing and where should they be in the world is it too late to get to Asia now this is my first time to see a Porsche I move out here so I bring my family should I set up shop here I have to leave that you I moved to Asia when I was 65 as a matter of fact problem I had my second daughter in Asia when I was 65 but everybody has to make that decision moving is a huge decision even moving from New York to st. Louis is a huge decision so much less moving from a country to a far far far away a country and culture so everybody has to make that as your forebears made that decision your favorite forebears packed up left went to a hostile country where they knew nobody and knew no language knew no customs or anything else but clearly it didn't hurt you in fact sometimes I'm one of my family tree that took an axe to the face in a covered wagon they were attacked by Native Americans I saw a picture of this when my grandma was alive he had a huge scar and he survived and they defended themselves I mean think about the risks people used to take I think we've got it easy nowadays oh my gosh can you imagine you packed up you got on a boat you didn't know where you were going you didn't know if you would survive you got that it would there no credit cards there was no internet you got there you didn't know where you were going few maps and even if there was a map it said okay if you go west from here who knows what you're gonna see or find and your Poor Bear was exactly one of those people he didn't have a Holiday Inn to go to he didn't have anything he was just out there many were there were millions he did that in the u.s. at the time gave people land if they would come to the US we gave we see here's a grand you come to the u.s. you work will you can get rich if you want to as a we begged immigrants to Singapore Singapore was a swamp with 500,000 people 40 years ago you see what it is now yes the most amazing sight I've ever seen honestly I'm surprised how dense it is how clean clean it is how respectful people are well they begged foreigners to come but they limited it to successful educated smart people they have just taken anybody and us we took in anybody which is actually good for the u.s. because I'm sure I couldn't get a visa to the US a hundred years ago or 150 years ago but my forebears came some of them went 400 years ago some more than 150 years ago I'm sure I couldn't get a visa if I wanted to go to the US now do you have citizenship here can you acquire Singaporean citizenship [Applause]

13 thoughts on “Jim Rogers "Bitcoin & Cryptocurrencies will Crash to Zero Due to Governments"”

  1. TOP 20 Reasons Why Cryptocurrencies Are Worthless
    -Private keys are being bruteforced as we speak. Thousands of quadrillions entries a second. When they'll have enough bitcoins under control , they can move them all at once instantly. (At least 45,000 ETH are known to have been stolen this way for now through ethereum bandit)
    -It is possible to change the code of a crypto anytime to change the total supply or anything really. DASH did it : they reduced the total supply to 18.9M from 84M when it wasn't called DASH yet. They could also increase it to 999 Trillions if they wanted to so that millions of DASH are mined every week.
    -You can also fork bitcoin anytime and start over the scheme from 0. (BCH , BSV , BTG , LTC , BCD ETC etc)
    -And that's if people don't find a way to create an infinite amount of coins to sell on exchanges.. it happened with monero , stellar , bitcoin , zcash , zcoin , eos , etc proofs :
    "Coindesk : "The Latest Bitcoin Bug Was So Bad, Developers Kept Its Full Details a Secret"an attacker could have actually used it to create new Bitcoin – above the 21 million hard-cap of coin creation – thereby inflating the supply and devaluing current bitcoins."
    Stellar : "Stellar Inflation: Glitch Leads to 2.25 Billion Extra XLM Printed"
    Monero : "A bug in the Monero (XMR) wallet software that could enable fake deposits to exchanges has been recently brought to public attention through a Medium post"
    Zcoin : Forged coins were created, but not exceeding 1% of the circulating supply. We will release further details on exact numbers when Sigma is released.
    EOS : "Hackers Forge Billion EOS Coins to Steal Real Crypto From DEX "
    Zcash : "Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug" etc..
    -Segwit , and especially Lightning network is a very complex technology and it will inevitably have flaws , bugs , it will be exploited and people will lose money. That alone can cause bitcoin to drop very low levels.
    Then miners will be losing millions everyday so they will stop mining , blocks will be so slow , almost no transaction will come though , and bitcoin will probably not have enough time to reach the next difficulty adjustement. This is reffered to as a death spiral. Then every crypto even those with no mining involved will crash hard.
    -Many crypto wallets are unsafe and have already caused people to lose all their investment , including the infamous "parity wallet"
    -It is NOT trustless. you have to trust the wallet you're using is not just generating an address controlled by the developper , you have to trust the node the wallet connects to is an honest node , you have to trust a Rogue state or organization with enough computing power will not 51% attack the network. etc..
    -Bitcoin is NOT deflationary. Bitcoins are created every blocks (roughly 10 minutes) and you wil be dead by the time we reach the 21 million current hard cap.
    -Bitcoin price is artificially inflated by Tether
    Other major non-technical problems :
    -It's an energy waste , an environmental catastrophy
    -The only usecases are money laundering , tax evasion , gambling , buying on the dark net , evading sanctions and speculation.
    -Governements will ban it if it gets too big , and they have a big incentive to do so , not only for the obscure usecases but also because it threatens the stability of sovereign currencies.
    -Most cryptos are scams , the rest are just crazy speculative casino investments
    -Think of any amount you hold in ethereum as a gift card to use smart contracts on the ETH blockchain. Ridiculous. You'd rather hold a wal mart gift card or even better simply cash.
    -The very few stores accepting bitcoin always have the real price in $ , not in bitcoin.
    -About famous brokers listing bitcoin : they only want to give people an opportunity to short it , and make money on it as brokers do.
    People say cash is backed by nothing and losing value slowly , and yes it is very flawed , but there is a whole nation behind it. The governement the police the taxes etc. Cryptos are so much worse it's printed out of thin air we could change the algorythm of bitcoin to instantly mint an infinite amount of bitcoin , it is technically possible..
    -Everybody in crypto think they're smart traders and that there will be a new bullrun and that then , they will sell. But because everybody thinks it will happen , it won't. The truth is past performance doesn't indicate future performance and it is absolutely not guaranteed that there will ever be another bullrun.
    -There is no recourse if you're scammed/hacked/made a mistake in the address etc. No chargebacks
    -In case of a financial crisis , the speculative assets would crash the most and bitcoin is far from being a non speculative safe heaven ; and governements might ban it to prevent fiat inflation to worsen. If prices would rise , whales stuck with cryptos would dump and cause an immediate huge drop.

  2. Whenever the government pulls out guns to dictate the type of currency its people should is when the people should exercise their 2nd Amendment rights against that tyrannical government.

  3. Nice very nice.First of all they let the retailers(ordinary Joe)put as much money as they like,Bitcoin goes through the roof and then through market manipuation(aleggedly) slowly put surely the ordinary Joe either sells at a loss on the way down or really loses his shirt hoping and Hodling for a miracle return to highs that seem further and further away as each day passes
    Now Bitcoin is set to go to zero and thats the end of that
    I think the main problem with Bitcoin is that it was supposed to keep government out of the movement of money anywhere ,which pissed governments off as they like to control everything about money.
    The thing is they need Tax revenue and they want it on everything and when they saw the taxes they were going to miss out on that REALLY pissed them off.Money flowing freely generates enormous revenues and anyone that messes with that flow is the enemy
    Leaders of the Crypto community should be reaching out to the government not exclude them and try and carve out a future for Crypto-currencies that will try and keep Bitcoin and the likes alive.

  4. This dude sounds like a Globalist Neo Con. He bashes Trump as if hes The Cabal Bankster opposition as opposed to offering constructive criticism of Trump. Dude sounds like hes a HIRED PR Hack to Promote China investment.

  5. "The govt has all the guns". Inaccurate.The govt has a bunch of employees that they instruct that have guns. Im pretty sure if things got bad their employees are going to disregard orders. Imagine being in the military and your ordered to kill family members. Wont happen. Especially with this generation of military and police.

  6. @currency365 this would be bad if they did that, it would make it harder for people to buy digital currencies like KRW with BTC thru some exchanges that pair BTC/KRW…

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