Rogers argues that despite the growing popularity of Bitcoin, the cryptocurrency will not be able to seize control of monetary policy from governments, highlighting that if cryptocurrencies truly posed a danger to government currencies, authorities worldwide would have taken immediate action against Bitcoin long ago.
“Even though Bitcoin operates on a decentralized network, it is not capable of undermining the financial sovereignty of any country,” Rogers asserted.
The American entrepreneur also noted the recent adoption of Bitcoin as legal tender in El Salvador, labeling it as an exceptional case as other nations have not followed suit, except for the Central African Republic (CAR), which also legalized Bitcoin in 2022. Consequently, Rogers is confident that the wider acceptance of Bitcoin as a means of payment will remain limited.
Rogers further suggested that central bank digital currencies (CBDCs) will inevitably become prevalent in the future. As government-backed stablecoins offer increased convenience for both organizations and individuals, their adoption is expected to rise. However, Rogers expressed concerns over the potential implications for privacy, as digital currencies could enable governments to monitor financial transactions.
It is noteworthy that Rogers has previously criticized cryptocurrencies, calling Bitcoin a bubble. However, due to the policies of the US Federal Reserve System (FRS), he has begun to reconsider his stance. In 2022, the investor stated that if Bitcoin were to drop below $5 per coin, he would certainly seize the opportunity and invest in it.