Legendary investor Jim Rogers, who founded the Quantum Fund, warns of more bear markets to come. So, does Rogers offer Bitcoin in this environment?
Jim Rogers says he will see ‘worst’ bear market of his life
Famous investor Jim Rogers warned in a recent interview about the bear market that would be the “worst” of his life. Meanwhile, Rogers is the former business partner of George Soros, co-founder of Quantum Fund and Soros Fund Management. Noting that we are currently in a bear market, he raises the alarm that the worst is yet to come:
More bear markets are coming… The next one will be the worst of my life.
“2008 was because of too much debt, now it’s much worse”
While Rogers described “too much debt is a problem” in 2008, he emphasizes that debt has multiplied since then:
Debt has skyrocketed all over the place, so the next bear market should be horrendous. How could it not be a terrible bear market… That is, the US has increased its debt several times since 2009. Japan, my God, they can’t even count Japan’s debt. Debt is increasing and rising in many countries of the world… 2008 was due to too much debt, now it is much worse.
Rogers detailed the disaster the above environment would cause:
Many stocks will depreciate 70%, 80%, 90%. Of course, this will happen. I just don’t know when.
He also adds that “it’s been 13 years since our big problems, and this is the longest in American history,” adding that “historically it’s already long overdue.”
Jim Rogers says big losses will come: Will Bitcoin be useful?
Following the macro description above, Rogers’ prospects get worse. According to the famous investor, there will be huge losses in this process:
We have very high valuations, we have incredible debt, we have lots of new investors coming in. This is not my first rodeo. I’ve seen this movie. I know how it works. All will lose a lot of money. I hope I am not one of them.
Dollar loses its dominance
“The Russia-Ukraine war has accelerated it,” Rogers said, reiterating his view that the US dollar would lose its dominance. Experienced investor explained:
The world’s international medium of exchange needs to be neutral – anyone can do whatever they want with it. Unfortunately, Washington is changing these rules. Washington says fine, if they don’t like you, you can’t use US dollars and people say ‘wait a minute, an international medium of exchange needs to be neutral’. This is not the way it should work.
He claimed it showed the US government “will take your money” if he doesn’t like you. “Many people’s assets were confiscated by the United States because they didn’t like it,” Rogers said, emphasizing:
Many countries, even our allies, are now looking for something to compete with (the US dollar) because it can happen to them, you know, suddenly Washington can say you’re done.
Does Jim Rogers recommend Bitcoin?
Rogers also commented on Bitcoin, confirming that he did not receive any BTC. He reiterated his view that if the cryptocurrency succeeds as a currency, governments will ban Bitcoin due to their dislike of competition. cryptocoin.comAs you follow, Bitcoin is currently trading at $24,000.
