k.LAS VEGAS–Quantum Fund co-Founder Jim Rogers warned the 2,200 attendees at the recent FreedomFest conference that ‚??debt has gone higher and higher‚?Ě and threatens to make the next economic downturn in America even worse than otherwise would be the case. But he added that good investment opportunities still will be available.
One asset that historically helps to protect investors in times of economic crisis is gold, Rogers said. The small number of cryptocurrencies that survive and thrive among the 800-2,000 ones that exist now also might provide a bit of a hedge against an economic downturn that traditionally would hammer the value of currencies backed by the world‚??s central banks, he added.‚??When people lack confidence in currencies, they always revert to gold and they will do so again,‚?Ě Rogers said.
When economic distress occurs in the future, Rogers said he hoped to be ‚??smart enough‚?Ě to buy the precious yellow metal.
‚??If you are paid in worthless money, you don‚??t be very happy,‚?Ě said Rogers, who cited Russia‚??s debt crisis in the 1990s as an example with heavily devalued rubles offered limited buying power.
As for cryptocurrencies, Rogers said he expected them to winnow down the way auto manufacturers did at the beginning of that industry.
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