He stressed that an international currency should be neutral, but Washington is changing the rules, emphasizing that Washington is not playing fair anymore.
Jim Rogers: The End of the U.S. Dollar
In an interview published Sunday by the Economic Times Sunday, Jim Rogers, a well-known investor, discussed the demise of the U.S. Dollar and the future outlook for crypto currency in an interview. Rogers was George Soros’ ex-business partner and co-founded Quantum Fund Management and Soros Fund Management.
He was asked about his outlook on the U.S. Dollar and where he sees it heading. I own U.S. Dollars partly because people seek refuge from turmoil. Rogers said that people believe the U.S. Dollar is a safe haven because of its historical value.
The veteran investor said however:
The U.S. Dollar is now in trouble. An international currency is supposed be neutral, but Washington is changing the rules.
He stressed that Washington can put sanctions on you if they don’t like you. You cannot use U.S. dollar.”
He said that many countries were looking for a rival — China, Russia, India, Iran or Brazil… Some countries are beginning to search for a currency to compete with Washington’s.
The United States and a growing number other countries have placed sanctions on Russia since Russia invaded Ukraine.
Russia holds approximately 16% of its reserve in U.S. Dollars and 32% in Euros. Bill Miller, a billionaire investor, recently stated that almost half of its reserves are in currencies controlled by people who wish to do them harm. Miller agrees with Rogers.
Rogers said:
The United States is undoubtedly the largest nation to which it owes money. People are searching for a substitute currency, both for political and fundamental reasons.
“I don’t know what it will look like yet. I hope that I’m smart enough to purchase it once I find it. It is not something I like to say. He stated that he was an American, but he doesn’t like seeing what they do to the American currency.
Jim Rogers is still concerned that governments may outlaw Bitcoin and other cryptocurrencies
Rogers was also asked if cryptos could ever be an alternative for the U.S. Dollar index. He responded: “Well, it could.” Numerous people have made a lot trading crypto.
He said that crypto bulls believe that cryptocurrency will become the new currency. He said that he knew that all countries around the globe are working on computer money, even the U.S. He said, however, that the U.S. would not claim it is new money.
He said that cryptocurrency is a “government like control” and a “government like monopoly.”
It is something I don’t like, but it is what governments do. I suspect they will tax it, regulate it, or ban it because they want to retain control.
Rogers warned governments that they could ban cryptocurrency at any time. It was the reason why he didn’t invest into bitcoin, he said. In May 2013, he stated that he regrets not investing in BTC.
