Investing legend Jim Rogers is issuing a warning to investors that the dominance of the US dollar is at risk and that crypto assets may ultimately be outlawed by the government.
In a recent interview with Economic Times India, the famed co-founder of Quantum Fund says that the US dollar doesn’t appear to be the same safe haven it once was because the US government’s willingness to sanction entities is pushing other nations to consider adopting competing currencies.
“I own US dollars partly because when turmoil comes, people look for a safe haven. They think the US dollar is a safe haven for historic reasons.
But what is happening with the US dollar now is the end of the US dollar because an international currency is supposed to be neutral but in Washington, they are not changing the rules.
Now if Washington does not like you, they put sanctions on you, and you cannot use US dollars. So many countries are starting to look for a competitor – China or Russia or India, Iran, Brazil…
Some countries are starting to look for a competing currency, and they should because Washington does not play fair anymore.”
The seasoned investor also says that while digital assets will be “the new money,” he believes governments could eventually outlaw, tax and regulate them to assert their control over the market.
“My view is that if and the bulls say that, crypto will be the new money. I know that every country in the world is working on computer money now including the US. 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. Governments do not want to lose control and therefore they are not going to let us do what we want.”
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