Billionaire investor Jim Rogers believes that the US dollar is now no longer viewed as “neutral”, and that Washington has “changed the rules”. He is still worried that governments might ban cryptocurrencies, but regrets not having bought Bitcoin last year.
In an interview with the Economic Times on Sunday, Jim Rogers said that he owns US dollars, basically because of the historic view that when there is chaos in the economy, most investors go to the dollar, viewing it as a safe haven.
However, Rogers thinks that times have changed, and that the dollar is losing its respect as this safe haven, primarily because of the sanctions that the US government levies against those it doesn’t like, preventing them from using the dollar.
He feels that some countries are searching for an alternative to the dollar, given the perceived unfair nature of Washington policy. He doesn’t know which currency it will be yet, but hopes that he will recognise it and buy it when it appears. Although a proud American, he doesn’t like what is being done to his country’s currency.
On being asked whether he thought that cryptocurrencies could ever be an alternative to the dollar, he is still very unsure. He thinks that the US government likes “control” and a “monopoly” when it comes to money.
If the US has crypto money but the US is not going to say this is new money. Governments like control, governments like monopoly. I do not like it but that is the way governments are and I just suspect that they will either tax it or regulate it or outlaw it or something because they do not want to lose control.
Rogers is also concerned for his daughters, because of the fact that the US is the biggest debtor nation in the world. As the debt rises day by day, he worries that his daughters will not be able to pay it, and will have a huge burden around their necks for the future.
He believes that bad times are just around the corner, saying:
“In Washington, they say do not worry we will never have another bear market, we have things under control. I know that they are either liars or fools because I know we have always had bear markets and we will have another bear market and when it comes, it is going to be very, very bad. I do not know when it is going to come, I suspect next year.”
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