By Bitcoin.com - 6 months ago - Reading Time: 2 minutes
Renowned Investor Jim Rogers Warns of US Dollar Dominance Ending — Sees Chinese Yuan as the Only Competitor
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has reiterated his warning of the end of U.S. dollar dominance. “I know that the era of the U.S. dollar is coming to an end. No currency stayed on top forever,” he stressed, adding that the only currency with the potential to displace the USD as the world’s reserve currency is the Chinese yuan.
Jim Rogers on End of U.S. Dollar Hegemony
Veteran investor Jim Rogers discussed a variety of topics, including the end of the U.S. dollar dominance and alternative currencies, in an interview with Nomad Capitalist, published on Oct. 1. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.
While admitting that he owns a lot of U.S. dollars, Rogers stressed:
I know that the era of the U.S. dollar is coming to an end. No currency stayed on top forever — no more than 100-150 years, none in history.
While reiterating that he “can see the era of the U.S. dollar is coming to an end,” the renowned investor opined:
I don’t see another currency at the moment that can compete except the Chinese currency.
However, Rogers explained that the Chinese yuan is a “blocked currency,” emphasizing that “you can’t just buy and sell it like you can euros or dollars.” He added that until China “completely opens its currency,” the renminbi will not be able to displace the U.S. dollar as the world’s reserve currency.
Rogers noted that China has been slowly opening its currency. “They are doing it. They’ve been doing it for 20 years, but it’s not enough if you ask me,” the veteran investor continued. “But it’s the only currency that I can see on the horizon that someday can compete with the U.S. dollar. I hope something else comes along but I don’t see it yet.”
Rogers also raised concerns that the U.S. is now the largest debtor in the history of the world. “No nation has ever been as deeply in debt as we are, the U.S. is,” he said.
The veteran investor has been warning about the end of U.S. dollar hegemony for quite some time. In July, he cautioned that the U.S. is going to suffer as the dollar’s value erodes further. He also previously predicted the worst bear market in his lifetime and the U.S. encountering the worst recession he has seen.
Do you agree with veteran investor Jim Rogers? Let us know in the comments section below.
Original source: Bitcoin.com