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Legendary investor Jim Rogers believes FinTech will replace banks and cash

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The veteran investor Jim Rogers believes that banks must invest in the space of financial technology (fintech)

President of Rogers Holdings and Beeland Interests, Inc. and co-founder of the Quantum Fund, the American businessman said that traditional banks need to improve their situation in the face of the growth of the 39, fintech space.

Speaking to China Daily, he said:

My children will never go into a bank when they become adults. From here, all the banks along the streets will be replaced by computers and certainly cell phones.

Rogers seems to be a supporter of the financial technology sector. According to the report, it has invested in Hong Kong-based ITF Corporation, the world's first financial technology bank founded by Hui Jie Lim. It is hoped that operations will begin next year. Rogers has also invested in Tiger Broker, a Chinese online broker.

Although his investments in these projects have not yet yielded profits, he is confident about the direction of the industry.

He also believes that digital currencies could change the way we see money in the next 10 to 20 years. Even though he has not invested in the crypto-market, Rogers is of the opinion that governments could issue their own cryptocurrencies in the future.

His comments arrive at a time after predicting that a market crash will occur in the next few years.

Speaking with Business Insider in June, Rogers said "some stocks in America are turning into a bubble" and the bubble is going to collapse. When asked about what will trigger it, Rogers said that it could be an American pension that breaks up or a country that does not have it. is not examined. He cites the financial crisis of Iceland and Ireland as examples. When asked what the size of the accident would be, he said:

It's going to be the worst of your life.

Featured image from Flickr / Gage Skidmore.

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