Bitcoin's resurgence has once again captured attention, with its price soaring to over $70,000 this month from $28,000 just a year ago, marking a staggering rally of more than 150% in this fiscal year alone. Currently, it is trading at $62,200.
However, amidst this crypto frenzy, investor guru Jim Rogers, renowned for his expertise in commodities like gold and silver, remains deeply skeptical about cryptocurrencies' long-term prospects. Speaking at the India Today conclave, Rogers expressed his reservations, stating, "I'm very skeptical of crypto. I don't expect it to last. It's been fabulous for some people now. Not for me, but I do not see any long-term value in cryptocurrency."
Rogers, known for his straightforward opinions, once famously compared Bitcoin to commodities like sugar or rice, emphasising his preference for tangible assets. "I have more confidence in the future in real things that people can use than I do in Bitcoin," he remarked. "Whether it's rice or sugar doesn't matter. I know that rice will always have value. It has always, I do not know that Bitcoin will always have value."
Asserting his stance further, Rogers predicted the eventual demise of Bitcoin, stating, "Bitcoin will disappear and go to zero someday." He contrasted this with the enduring value of commodities like sugar, saying, "The value of sugar is not going to disappear and go to zero someday."
Despite Bitcoin's meteoric rise, Rogers remains unconvinced of its potential to usurp traditional safe-haven assets like gold and silver. "I don't think that Bitcoin is going to replace gold and I don't think it's going to replace silver," he remarked. "Maybe I'm wrong. Maybe I should sell all of my gold and silver and buy Bitcoin. But as far as I can see, most people in the world understand gold and silver, but most do not understand Bitcoin."
When asked about his crypto holdings, Rogers revealed that he doesn't own any cryptocurrencies. "Well, I don't own any cryptocurrencies. None. And I never have but I wish I had bought crypto at $2 or $1. I wish many things. Cryptocurrencies have become trading vehicles for many people. Not for me, I'm not a trader, but many of them have already disappeared."
FAQs
Asserting his stance further, Rogers predicted the eventual demise of Bitcoin, stating, "Bitcoin will disappear and go to zero someday." He contrasted this with the enduring value of commodities like sugar, saying, "The value of sugar is not going to disappear and go to zero someday."
What happens if Bitcoin goes to 0? ›
Moreover, if the cryptocurrency goes to zero, it may have a ripple effect on other digital currencies. and the broader digital currency market Investors may lose confidence in the industry as a whole. As a result, demand decreased and prices for other cryptocurrencies decreased.
Can Bitcoin suddenly disappear? ›
It can't disappear overnight no, there are literally 4 satellites beaming the Bitcoin blockchain from space. Run your own full node if you want some more control, there's plenty of other reasons to have one. As for losing value overnight flash crashes can happen and no market is immune to it.
When Bitcoin become zero? ›
However, it's likely that you'll face significant losses or even a total loss of your investment. It's an investment, not a currency. As such, when the value of that investment reduces to zero, then you lost your investment. It's gone.
Who is the guy that lost his Bitcoin password? ›
They Cracked the Code to a Locked USB Drive Worth $235 Million in Bitcoin. Then It Got Weird. Stefan Thomas lost the password to an encrypted USB drive holding 7,002 bitcoins. One team of hackers believes they can unlock it—if they can get Thomas to let them.
What happens if Bitcoin collapses? ›
It is quite likely that a bitcoin price crash will result in a correction in their prices as well. It is also certain that the vast majority of cryptocurrencies that populate the current listings will disappear.
Can Bitcoin go to zero overnight? ›
Can never happen. It is estimated that third of all Bitcoin are lost forever, but they still contribute to the Market cap.
What is the biggest problem with Bitcoin? ›
Bitcoins Are Not Widely Accepted
Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users' transactions can be tracked.
Can I recover my lost Bitcoin? ›
When Bitcoin is lost, it essentially becomes irretrievable and permanently unspendable. The blockchain records the bitcoin as still existing at a certain address, but without the private key, it cannot be moved or spent. This creates a situation where the bitcoin is still “there,” but effectively gone forever.
Is it safe to invest in Bitcoin today? ›
Unfortunately, it's also incredibly volatile. For that reason, while current market conditions are favorable for anyone considering buying Bitcoin, it is an asset you should purchase only at your own risk. Because while Bitcoin may have the potential for significant returns, you may also lose most of your investment.
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
What happens when there is no Bitcoin? ›
Once all 21 million bitcoin are mined by the year 2140, no new bitcoin will be created. This means miners will no longer receive block rewards for adding new blocks to the blockchain. Instead, their compensation will come solely from transaction fees paid by users.
Could Bitcoin get shut down? ›
The answer is, technically, yes. However, any attempts to ban or regulate Bitcoin out of existence are improbable to succeed. Bitcoin itself is decentralized. Any attempts to shut down Bitcoin would mean all the governments worldwide would have to collaborate and shut down the internet at the same time.
Who has gone to jail for Bitcoin? ›
Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud that unraveled with the collapse of FTX, once one of the world's most popular platforms for exchanging digital currency.
Who is the secret owner of Bitcoin? ›
Bitcoin was created by an anonymous person or group using the pseudonym Satoshi Nakamoto. Nakamoto published a whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System," outlining the concept of a decentralized digital currency.
How many people have lost money in Bitcoin? ›
Profits Made or Lost Investing in Cryptocurrency
The Forbes Advisor's survey also asked investors how their crypto investments had performed in the last year: 57% made money from investing in cryptocurrency. 16% feel as if they have neither made nor lost money. 14% have lost money.
Can Bitcoin go worthless? ›
What Could Bitcoin Be Worth in 10 Years? Predictions about prices vary by analyst, with some claiming that prices could rise into the millions. However, it is just as likely that it will be worthless.
Do you owe money if your crypto goes negative? ›
Despite the risks involved, shorting crypto has advantages, making it a high-risk, high-reward strategy. So, answering if a crypto goes negative, do you owe money? You may have to pay the buyer to sell if the crypto value goes negative when you sell off the bought cryptocurrency.
What happens when there is no Bitcoin left? ›
Once all 21 million bitcoin are mined by the year 2140, no new bitcoin will be created. This means miners will no longer receive block rewards for adding new blocks to the blockchain. Instead, their compensation will come solely from transaction fees paid by users.
What would happen if no one sold their Bitcoin? ›
If nobody is willing to sell, then there is no trade. That makes a currency worthless. Bitcoin is even more vulnerable that gold in that regard, because if Bitcoin stops being used as a currency then there will be no incentive for anyone to run the Bitcoin software -- and then Bitcoin will just die.
