Governments May Destroy Bitcoin – Financial Magazine

Legendary investor and billionaire Jim Rogers told when the authorities of the countries of the world can ban Bitcoin. Governments can destroy bitcoin by banning mining, according to Electric Capital.

Central bank digital currencies (CBDCs) are being developed and implemented in many countries around the world. Central banks around the world are accelerating the development of CBDCs.

According to the Bank for International Settlements, 86% of the 65 central banks in the survey are working to create digital currencies in one form or another.

Central banks accelerated this process after a Facebook project called Libra (later renamed Diem) began to threaten the financial system.

The authorities of the countries are unlikely to put up with the fact that other cryptocurrencies will be used in parallel with their digital money, Jim Rogers said in an interview with Kitco News, gold writes.

Then the governments will ban cryptocurrencies, because they are afraid of losing power and control over finances, said the famous investor and analyst.

China has advanced farthest in the direction of digital money. Rogers gave several examples of digitalizing money. For example, in China it is no longer possible to pay for a taxi with paper money. Even buying ice cream for fiat money is becoming problematic in China. The digitalization process is already in full swing. It’s hard to imagine anyone else getting the right to issue digital money other than the government.

According to the expert, bitcoin is still not recognized as an illegal asset, since it is still poorly distributed throughout the world and has not taken the form of a currency. But as soon as it is used everywhere and becomes popular among the population of many countries of the world, it will immediately fall into the “black list” of many states.

Jim Rogers, now head of Rogers Holdings, rose to fame in the 1970s and 1980s with the huge success of his joint hedge fund with George Soros, in which the duo earned 4,200% in the 10 years leading up to 1980.

Governments could destroy bitcoin by banning mining, says Electric Capital co-founder and partner Curtis Spencer. As an example, he cited the recent power outage in only one Chinese province of Xinjiang, which caused a record drop in the hashrate of the Bitcoin network. This is what, according to experts, led to the fall of BTC to $ 50,000 over the weekend.

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