Veteran investor Jim Rogers, co-founder of the Quantum Fund with George Soros, has reiterated his warning about the end of U.S. dollar dominance. He emphasized that the era of the U.S. dollar is coming to an end, and the only currency with the potential to displace it as the world's reserve currency is the Chinese yuan. However, Rogers noted that the yuan needs to become a more freely traded currency to achieve this status.
Jim Rogers Reiterates Warning of the End of U.S. Dollar Hegemony, Eyes Chinese Yuan
Veteran investor Jim Rogers, co-founder of the Quantum Fund with George Soros, has reiterated his warning about the end of U.S. dollar dominance. He emphasized that the era of the U.S. dollar is coming to an end, and the only currency with the potential to displace it as the world's reserve currency is the Chinese yuan. However, Rogers noted that the yuan needs to become a more freely traded currency to achieve this status.
In an interview with Nomad Capitalist, Rogers stated that he knows the era of the U.S. dollar is coming to an end, citing historical precedents where no currency stayed on top forever. While expressing his belief that the U.S. dollar's dominance is waning, Rogers admitted to owning a significant amount of U.S. dollars.
According to Rogers, the Chinese yuan is the only currency that could potentially compete with the U.S. dollar. However, he highlighted that the yuan is a "blocked currency," meaning it cannot be freely bought and sold like euros or dollars. For the yuan to become a true contender, China needs to open its currency fully. Rogers acknowledged that China has been gradually opening up its currency for the past 20 years, but he believes more progress is necessary.
Rogers expressed concerns about the U.S. being the largest debtor in the history of the world, emphasizing the nation's deep debt. He has previously warned about the U.S. experiencing the worst bear market in his lifetime and encountering the most severe recession he has seen.
(Kevin Helms, Bitcoin News, 2023)