[2022-03-11]The legendary investor spoke about the future of bitcoin

[zasad@]

A Legendary Investor Just Predicted The End Of The U.S. Dollar—And Warned Over The Future Of Bitcoin Amid Extreme Crypto Price Swings
https://www.forbes.com/sites/billybambrough/2022/03/11/a-legendary-investor-just-predicted-the-end-of-the-us-dollar-and-warned-over-the-future-of-bitcoin-amid-extreme-crypto-price-swings/
"Now, the co-founder of the Quantum Fund and Soros Fund Management, Jim Rogers, has warned "what is happening with the U.S. dollar now is the end of the U.S. dollar"—but cautioning governments likely won't allow bitcoin to be used as an alternative."

[Slow death]

I didn't read the article, I'm not an economist, much less a market analyst, but even I know that the US dollar will always exist, so I respect the opinion of this guy who wrote this, but I disagree with him, the US dollar will always exist , bitcoin did not come to replace fiat, governments will not leave their fiat that contains the history and sovereignty of their country to use only bitcoin, this will not happen, bitcoin will be used together with fiat even if it is 50 or 100 years from now. so

[SFR10]

A Legendary Investor Just Predicted The End Of The U.S. Dollar
~Snipped~
but cautioning governments likely won't allow bitcoin to be used as an alternative.

Despite knowing him for less than a year, I've noticed most of his so-called predictions are either pure nonsense or things that are bound to happen ^{[nothing special about them]}:

• e.g.
  
  

  Rogers has a dim view of bitcoin's long term value, however, predicting it will eventually collapse.
  
  "I believe that the virtual currency represented by bitcoin will decline and eventually become zero," Rogers said, adding: "This is a clear bubble and I don't know the right price. Virtual currency is not an investment target.”
  

"Now if Washington does not like you, they put sanctions on you and you cannot use U.S. dollars."

That's not entirely correct! When it comes to individuals, they'd be partially affected ^{[I don't want to get into the details on this thread, but depending on the situation, there might be a workaround]}.
^{- FYI, I'm currently residing in a country that's been heavily sanctioned by Uncle Sam, so I'm speaking from experience!}

[Lucius]

The end of the US dollar as the world's reserve currency is a very likely option, but these stories of the collapse of their currency have been circulating in the media for decades, and yet they are still holding up very well in spite of everything. In the current global order, all the great powers will feel the negative effects on their economies because massive sanctions were not imposed on a small insignificant country, but on Russia, which was a very important player in the global economy.

Neither the dollar will collapse nor will Bitcoin become a global currency in the sense that it will be accepted by world powers such as the US, UK, EU or Japan - simply because they can have no control over a system that is fundamentally decentralized.

Bitcoin is showing its strength in these difficult times when people from all over the world send their donations to the country that needs it, without having to ask anyone for it, or having to give up their anonymity. If central banks were to get involved in the whole thing, there is no doubt that the price of Bitcoin would rise significantly, but we all need to ask ourselves if we really want that.

[DooMAD]

I didn't read the article, I'm not an economist, much less a market analyst, but even I know that the US dollar will always exist, so I respect the opinion of this guy who wrote this, but I disagree with him, the US dollar will always exist

I feel like "always" is a bit of a stretch.  History is littered with large empires that fell and currencies which collapsed.  It's reasonable to say the US Dollar probably won't collapse soon, but nothing lasts forever.  On a long enough timescale, every fiat currency has the potential to fail. 

Not to mention the part where these are very strange times we find ourselves living in, what with a global pandemic and the possibility for world war 3 to occur.  Such things can have lasting consequences for any economy.

[suzanne5223]

Honestly, the end of all fiat currency has been number ever since the creation of Bitcoin and it is what the IMF boss sees when he advises the government about creating their CBDC. Besides, Kiyosaki even makes a statement about and advises the institution to think about investing in Bitcoin.
Meanwhile, Jim Rogers did make a point because it is logical that if the end of the US dollar does happen as he predicted the government won't allow Bitcoin to be used as an alternative since it's not controlled by their agency.

[Poker Player]

I didn't read the article, I'm not an economist, much less a market analyst, but even I know that the US dollar will always exist...

I'm not so sure about that. I'm sure it will exist for the next 5, 10, 20 years maybe, but I'm not so sure it will exist 100 years from now. And I would tell you that I am pretty sure that there will be no dollar or pound or euro in 500 years.

There are lots of currencies that were used in different countries that have disappeared. Also those that were the most valuable of the time, such as the denarius argentum of the Romans.

With the speed of change with technology I find it hard to believe that the dollar and the other major currencies will last long in historical time.

Despite knowing him for less than a year, I've noticed most of his so-called predictions are either pure nonsense or things that are bound to happen ^{[nothing special about them]}.

I already knew him a long time ago, and I take his opinions as others, he may be right about something but I don't give special importance to what he says.

Regarding what he says about governments not allowing Bitcoin being an alternative, I don't think he knows what he's talking about. He has stuck with the whitepaper and the P2P electronic cash system and has not realized that if Bitcoin has been allowed in most countries in the world and has been regulated is because governments have some control with regulated exchanges and AML and KYC policies.

Those who use Bitcoin with maximum privacy are in the minority.

He'd better do more research about it, but I think that he speaks to an audience that does not know much about the subject.

[bbc.reporter]

I didn't read the article, I'm not an economist, much less a market analyst, but even I know that the US dollar will always exist, so I respect the opinion of this guy who wrote this, but I disagree with him, the US dollar will always exist , bitcoin did not come to replace fiat, governments will not leave their fiat that contains the history and sovereignty of their country to use only bitcoin, this will not happen, bitcoin will be used together with fiat even if it is 50 or 100 years from now. so

I reckon he was telling everyone that it was the end of the US dollar as an international currency for international trade and as the currency preferred to be held in their vaults. However, I agree, the American dollar might lose its position but it will never go away and bitcoin will certainly not be the replacement. I speculate that it might be the currency of the strongest economy behind it, the Chinese Yuan.

[bbc.reporter]

Anyone who reads the news would speculate that the American dollar's replacement would certainly be the Chinese yuan, however, nothing has occured to make this speculation very clear. But something has just occured and it appears this will be the beginning of the American dollar's descension.

I speculate a big trade war between China and America which will transform into a cold war then it will become an open war that will start world war 3. I hope I am dead before this occurs.



Saudi Arabia considers accepting yuan for oil sales.

Western sanctions on Russia have made countries that aren't on good terms with the US acutely aware of how money can be weaponized and that appears to have rekindled Saudi-China talks on pricing oil in yuan.

The talks over pricing oil in yuan have been ongoing for six years but the WSJ reports that they've accelerated as Saudis "have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom." The report says the Saudis want US support for their intervention in the Yemen civil war.

Source https://www.forexlive.com/news/saudi-arabia-considers-accepting-yuan-for-oil-sales-opec-leaves-demand-forecast-unchanged-20220315/

[ABCchain]

Why can't it be a new type of currency, innovation and invention are the continuation of civilization.

[Kakmakr]

If you take a close look at the governments who are embracing Bitcoin as legal tender, you will notice that those countries are mostly from third world countries. The US and the UK and Europe have been forcing 3rd world countries to use their Fiat currencies as Reserve currencies, because it strengthens their economy.

Just look at the reaction when El Salvador announced that they will be using Bitcoin as legal tender. (The Banks quickly threatened them that financial help in the form of large loans, will not be granted)

So yes.... Third world countries are waking up to the control that are being placed on them to use reserve currencies like the US Dollar and if they stop doing that, the US Dollar will weaken and eventually be replaced by something else. (I do not think it will be Bitcoin)     

[cr1776]

...
"Now, the co-founder of the Quantum Fund and Soros Fund Management, Jim Rogers, has warned "what is happening with the U.S. dollar now is the end of the U.S. dollar"—but cautioning governments likely won't allow bitcoin to be used as an alternative."

First, one questions his judgment given Soros is involved.  Something like bitcoin would undermine Soros' entire gameplay since it would allow individual people to protect themselves from what he and his ilk want:  control over everyone and everything.  Is he truly giving his opinion or giving their hope?

Second, he may be right about the damage to the US dollar between the stuff with SWIFT, petrodollars, China and Russia.  The dollar has been in decline since the Fed came into existence and even more so since the 1930s when FDR (socialist democrat) confiscated gold and undermined the sanctity of the gold backed dollar.  This has been a long term destruction of wealth and property that was supposedly inviolate in the US as founded.

Third, as far as bitcoin goes, government may not "allow it" but given that it is permissionless, that that may just encourage people to get into it while they can and remain in it.

For example:  if the authoritarian players can cut Trump off from Twitter, FB and, most importantly, various payment systems, they can cut anyone off.  When a billionaire, President isn't safe from the tech fascists, no one is.   Just ask the people of Canada, Russia, China, etc.  

People who are being cut off will just not cash out of bitcoin and trade within it.  This is yet another reason privacy upgrades are critical.  Anyone world wide should be paying attention:  do you want thugs like Trudeau to shut down your bank account?  Biden on Russians?  Putin on Westerners?  Chinese on Taiwan?  Cuba, Venezuela, NK?  You name it everyone worldwide is at risk and a safe way to protect yourself is via crypto.

[bustabitsboy]

I do not know if the cryptocurrency will be used in daily use and purchases of everyday goods. Unlike the fiat currency, bitcoin always behaves unpredictably. It goes up as fast as it goes down. And the main mechanism for regulating the economy is the movement of money. The state regulates the country's financial system. It is impossible to regulate the movement of cryptocurrency, so it is unlikely to be able to replace fiat.

[bbc.reporter]

...
"Now, the co-founder of the Quantum Fund and Soros Fund Management, Jim Rogers, has warned "what is happening with the U.S. dollar now is the end of the U.S. dollar"—but cautioning governments likely won't allow bitcoin to be used as an alternative."

First, one questions his judgment given Soros is involved.  Something like bitcoin would undermine Soros' entire gameplay since it would allow individual people to protect themselves from what he and his ilk want:  control over everyone and everything.  Is he truly giving his opinion or giving their hope?

Also, George Soros is a bear. He almost broke the Bank of England, the Bank of Thailand, the yen and other currencies in the foreign exchanges. There were many larpers who cheered when Soros was speculated to be investing in bitcoin without research on his track record for shorting forex hehehe. If the community hates Elon Musk, I am quite certain they will also hate George Soros hehe.

[cabron]

Like the geopolitics experts are saying, these oligarchs will also think thier funds could be frozen especially if they are investing in the US territory. The Chinese that have bought thier properties in US are already thinking of selling thier properties and the same for other countries that have money in the US banks.  Turning to BTC make sense.

Just imagine you have some properties in the US and then your country engages in war and it's very close to happening because some other NATO countries are actually neutral in this conflict but were tangled along with the oil crisis because they were members of NATO.

[bbc.reporter]

@cabron. It will cause a real estate collapse and it will certainly cause a collapse on the whole American economy. America is waiting on what China will do with Russia. They might be waiting for a mistake. The Biden administration might be excited to sanction and freeze Chinese owned assets and Chinese owned companies in American jurisdiction hehehe.

[cabron]

@cabron. It will cause a real estate collapse and it will certainly cause a collapse on the whole American economy. America is waiting on what China will do with Russia. They might be waiting for a mistake. The Biden administration might be excited to sanction and freeze Chinese owned assets and Chinese owned companies in American jurisdiction hehehe.

Making mistakes is the least they want to happen so before they all lose control of all these, a negotiation will likely to happen in the background. They've been doing these all the time even trading military spies or company CEOs with prisoners. There will always be a trade that will happen and they are just going to make a drama for the media to feast.

Maybe they will trade and give Taiwan to China in exchange for Chinese companies in the US. Taiwan's government may resist so they'll put up a mini-war at first and the US will do something like sanctions again to make it look as if Tsai Ing-wen is not abandoned. What makes it very significant this time is that Chinese CBDC will be introduced widely and anyone can download it too and anyone can use digital yuan to buy BTC. Well, this is just my imagination running wild though. 

[bbc.reporter]

@cabron. In a world where America will give Taiwan to China, I reckon that might be the beginning of the descent of America as the no.1 superpower and world police. Countries protected under treaty in NATO will slowly leave because it appears America cannot protect them hehehe.

[bustabitsboy]

The dollar cannot live forever. One day it will end. But I don't think bitcoin will take its place. I think that bitcoin will have its development as a cryptocurrency, but separate from the dollar. And it is possible that bitcoin is currently much more profitable to own than the dollar or other fiat currency. We have seen many examples of how the currency depreciates, so anything can happen with fiat...

[DooMAD]

The dollar cannot live forever. One day it will end. But I don't think bitcoin will take its place. I think that bitcoin will have its development as a cryptocurrency, but separate from the dollar.

Indeed.  The US would simply replace their current "bucks" with a new form of buck.  And knowing the West's penchant for implacable corporate greed, I'd imagine they'd end up being Starbucks or something equally ridiculous.  I mean, they pop up everywhere else, so they might as well be on the damn money as well.