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Jim Rogers: Bitcoin 'Looks and Smells' Like All Other Investment Bubbles

Jim Rogers: Bitcoin 'Looks and Smells' Like All Other Investment Bubbles

By    |   Wednesday, 22 November 2017 09:23 AM

International investor Jim Rogers is urging savvy investors not to be fooled by that trash talking brother-in-law who will tell you over Thanksgiving dinner that his barber’s cousin has turned him on to a great new investment opportunity: the digital currency bitcoin.

“It looks and smells like all the bubbles I have seen throughout history,” Rogers told MarketWatch.

 “I have missed it, whatever it is,” Rogers says.

Rogers alsi isn't wild about U.S. stocks. He thinks there’s a bubble forming in stocks such as Amazon.com Inc., MarketWatch said.

But Rogers doesn't fear a market ctash anytime soon. He says the Federal Reserve is on the sidelines, waiting to save the economy yet again.

“There is enough easy money to keep things going,” he says.

Instead of American shares, Rogers turns his attention and cash to global opportunities.

Rogers is bullish on Russia. It’s a “hated market,” he says.

Rogers also thinks Russian government bonds look particularly attractive because of their high yields, MarketWatch said.

Rogers also remains a China bull. “Their economy is doing very well,” he says.

“If the world economy continues to be OK, China will be OK,” Rogers says.

To be sure, bitcoin hit a record high earlier this week, shrugging off earlier losses posted after the $31 million theft of a cryptocurrency peer renewed concern about the security of digital coins, Bloomberg reported.

The company behind tether, a cryptocurrency used by bitcoin exchanges to facilitate trades with fiat currencies, announced the theft on Tuesday.

It said in a statement that a “malicious” attacker removed tokens from the Tether Treasury wallet on Nov. 19 and sent them to an unauthorized bitcoin address. The company said it’s trying to prevent the stolen coins from being used, Bloomberg reported.

Bitcoin climbed as high as $8,339 in New York trading. The largest cryptocurrency by market value had slumped as much 5.4 percent after the tether hack was declosed.

The incident, the latest in a long list of hacks that have dented confidence in the safety of cryptocurrencies, is likely to fuel the debate on Wall Street over whether digital coins are secure enough to enter the mainstream of finance. The effect seems short-lived on bitcoin, which after exceeding the $133 billion value of McDonald’s Corp. over the weekend erased its loss on Tuesday.

Tether, with a market capitalization of $675 million, is the world’s 20th most-valuable virtual currency, according to data on Coinmarketcap.com. The tokens are pegged to fiat currencies, allowing users to store and transfer globally and instantly, according to the website. The company behind tether has said that the tokens are 100 percent backed by fiat currencies.

(Newsmax wires services contributed to this report).

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Jim Rogers: Bitcoin ‘Looks and Smells’ Like All Other Investment Bubbles
jim rogers, bitcoin, investment, bubbles
Wednesday, 22 November 2017 09:23 AM
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