Jim Rogers warns of the end of the US dollar’s dominance

Well-known American investor Jim Rogers recently made a bold prediction in an interview with the Nomad Capitalist YouTube channel. According to the mega-investor, the US dollar’s long reign as the world’s dominant currency is coming to an end, and he sees the Chinese yuan as a potential replacement, albeit with caveats.

Rogers emphasized that historically no currency has been at the top for more than 100 to 150 years, and he believes the US dollar will be no exception.

However, the investor emphasized that strict Chinese capital controls are currently limiting the upside potential of the Chinese yuan.

“I have a lot of US dollars, but I know the era of the US dollar is coming to an end. No currency has stayed at the top forever, no longer than 100 to 150 years – none in history… But I don’t see any other currency that can compete at the moment, except the Chinese currency, but the [yuan chinês] It is a blocked currency.” he said.

He also explained that unlike other major currencies such as the euro and the dollar, the yuan cannot be easily bought and sold due to government restrictions.

“You can’t just buy and sell with euros, dollars or something like that. Therefore, until China fully opens up its currency, I will not put this practice into practice. They’ve been doing it, they’ve been doing it for twenty years. Not enough if you ask me, but it is the only currency I see on the horizon that could one day compete with the US dollar. I hope something else appears, but I don’t see it yet.”, Rogers said.

BRICS

Rogers expressed skepticism towards the global economic alliance known as BRICS (Brazil, Russia, India, China and South Africa), calling it “a figment of someone’s imagination”.

He argued that while the group claims to be expanding, it appears it is doing little more than holding annual meetings.

In August, BRICS members reportedly approved the admission of new members, including Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates, while many other countries expressed interest in joining the group.

However, Rogers’ assessment of the effectiveness and purpose of this alliance contrasts with the aspirations for its global growth and influence.

Although Jim Rogers didn’t specifically address Bitcoin in the interview, it’s important to remember that cryptocurrency has been a major topic of discussion in the financial and investment world in recent years.

Bitcoin has attracted both enthusiasts and critics regarding its role in the global financial system and the potential paradigm shift in currency.

Source: Live Coins

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