Wall Street legend Jim Rogers said: Without military backing, zero is the ultimate fate of Bitcoin.

American investor Jim Rogers, who co-founded the Quantum Fund with George Soros, believes that Bitcoin is largely overvalued and its price will eventually go to zero. He also stated that cryptocurrencies are just gambling and the high volatility behind them will lead to their demise. However, his association with the controversial history of the Cloud Token platform has made his comments less convincing.

Cryptocurrencies Will Ultimately Go to Zero

In a recent interview, co-founder of Quantum Fund and Soros Fund Management, Jim Rogers, expressed his views on Bitcoin and other cryptocurrencies. He stated that participating in any virtual currency market is not driven by "investment" but entirely based on the nature of "gambling." Rogers said:

"Cryptocurrencies didn't even exist a few years ago, but in no time, their value has increased by 100 to 1000 times. This is a clear bubble, and I don't know what their true fair value is."

Rogers believes that all cryptocurrencies, led by Bitcoin, will eventually decline and go to zero.

Currency Value Needs Endorsement by Military Power

On the other hand, Rogers also added that governments actually like digital currencies. Because the issuance cost of digital currencies is low, and governments can track anyone, anytime, anywhere, and how much they spend through digital currencies. Governments will exercise more control over the people through digital currencies, but this is limited to government-controlled digital currencies. Rogers emphasized that cryptocurrencies not controlled by the government cannot be accepted as real money.

"Those who believe in cryptocurrencies think they are smarter than the government, but the government has something that some people involved in cryptocurrencies don't have, and that is 'guns.' I believe that virtual currencies will eventually disappear because their value is not based on the military power of government sovereignty."

In fact, Rogers' recent views on Bitcoin and cryptocurrencies are the same as his statements in November 2017 when he stated in an interview, "Bitcoin looks and smells like all other investment bubbles I've seen in history." At that time, cryptocurrencies were at a historical peak, with Bitcoin nearing $20,000, and shortly after, the cryptocurrency market slid from its high point.

Controversy Over Dark History of Being a Platform for Ponzi Schemes

However, the market does not seem to take Rogers' comments seriously, and some even believe that Rogers simply does not understand cryptocurrencies. This is because a series of photos circulating online directly point out that Rogers appeared at the Cloud Token Global Launch Event last year, endorsing this notorious platform for Ponzi schemes.