According to Jim Rogers Bitcoin has not proved itself yet and could plunge to zero eventually.
The cryptocurrency landscape is turning back to the green following a weekend characterized by drab price actions.
Consolidation mainly dominated the session especially for the top digital assets. For now, the majority of the cryptoassets, are in the green led by Ethereum (3.04%), NEO (3.9%) and Bitcoin Cash (2.51%).
BTC/USD is trading at $9,424 after breaking the seller congestion zone $9,400. The largest crypto has advanced from the opening value of $9,286. On the upside, an intraday high as been traded at $9,442.40.
The region at $9,450 represents a short term hurdle for the bulls but there is still potential for gains above $9,500. It is important that the bulls approached the gains a strep at a time because lack of sustainability and follow ups for breakouts could result in losses under $9,000.
In an interview with the Asahi publication AERA dot on June 19, investor Jim Rogers (NYSE:ROG) said cryptocurrencies including Bitcoin (BTC) “will be in decline eventually and everything will go to zero.”
“Those who use cryptocurrency think they are smarter than their governments,” Rogers said to AERA dot. “In fact, I think they are correct. But their governments have something that crypto people don’t have. That is guns. The reason why I think cryptocurrency will be gone eventually is that it is not based on the armed force of governments’ power.”
Cointelegraph reported in November 2017 that Rogers said BTC “looks and smells” like a bubble. This was prior to the cryptocurrency reaching its all-time high price of over $20,000 in December 2017.
”[…] cryptocurrencies didn’t even exist a few years ago, but in the blink of an eye they became 100 and 1000 times more valuable. This is a clear bubble and I don’t know the right price. Virtual currency is not an investment target. It’s just gambling.”
Along with billionaires like Warren Buffett and George Soros, Rogers is considered one of the largest investors in the world. His views in the AERA dot interview echo those of Buffett, who said “cryptocurrencies basically have no value” in February.