Investor Jim Rogers, the co-founder of Quantum fund, talks about the end of the US dollar due to the current situation. He further said that an international currency is supposed to be neutral, but now the rules are being bent. Though USD obviously won’t die down completely, it feels like the downtrend of the currency has started. Every economist and investor is talking about it, and the feds still don’t do anything.
Jim Rogers talks about the end of the US dollar
In a recent interview with economic times, Jim Rogers talked about the US dollar the future of cryptocurrencies. When asked about where USD is heading, Jim said that he owns some of it because historically, it has been termed as a safe heaven. But things are definitely not happening that way. He explained saying that, “an international currency is supposed to be neutral, but in Washington, they are now changing the rules.”
Calling out the Russia-Ukraine situation, he also said that now if Washington doesn’t like you and puts sanctions on you, you can’t use the US dollar. This has put other countries in a position where they are looking for competing currencies because things are not happening in a fair way anymore. The need for this clearly shows in the Russia-Ukraine situation.
Russia currently has 16% of its reserves in USD and 32% of it in EUR. So, almost 50% of its assets are controlled by those nations it doesn’t;t have a good relationship with. This shows the importance of looking for a different currency.
Here comes Bitcoin
After this, Jim Rogers was asked if he thinks crypto could be an alternative to the USD. He said that it is possible as a lot of people have been making money with crypto. A lot of crypto investors believe that it is going to be the new money. Still, the problem here is that governments like control, and with crypto, they might lose it. So, there is a possibility that they will outlaw it or regulate it in a way where they have their monopoly.
What are your thoughts as Jim Rogers talks about the end of the US dollar? And do you think that the feds will be able to do something to stop this? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.