Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, expects all cryptocurrencies, including bitcoin, to disappear someday. Anticipating bitcoin going to “zero,” he stressed: “I’m very skeptical of crypto. I don’t expect it to last … I do not see any long-term value in cryptocurrency.” Jim Rogers Remains Skeptical of […]
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Veteran Investor Jim Rogers on Crypto: Bitcoin Unlikely to Become Money, Governments Favor CBDCs
In a new interview, Jim Rogers, who helms Rogers Holdings Inc. and was a co-creator of the Quantum Fund alongside George Soros in the 1970s, shared his observation of “various signs that something is going to go wrong soon” within the U.S. economy, predicting an impending recession. Additionally, Rogers discussed the leading crypto asset bitcoin, emphasizing his skepticism towards cryptocurrencies evolving into actual money. He underscored that should they pose a real challenge to traditional fiat currencies, governments will not tolerate it.
Renowned Investor Jim Rogers Expects a Recession – ‘I’m Afraid I See the Signs’
On Feb. 1, 2024, Jim Rogers engaged in an interview with Michelle Makori, the lead anchor and chief editor at Kitco News, delving into discussions on the U.S. economy, particular investment strategies, and briefly addressing bitcoin (BTC). Rogers shared with Makori his anticipation of a market slump, despite U.S. equities reaching peak levels unprecedented in recent years. He firmly believes the forthcoming decline will surpass any he has witnessed throughout his life.
“In 2008, we had a big problem, but the debt everywhere has skyrocketed since then,” Roger said. “So the next recession has to be the worst in my lifetime because the debt is so much higher now than it has ever been before in my lifetime. Even China has a lot of debt now.”
Rogers explained to Makori that the greenback has recently been in disarray, with many still viewing cash, particularly U.S. dollars, as a refuge. He further stressed:
The U.S. dollar is not a sound currency anymore. We’re the largest debtor nation in the history of the world. But everybody thinks it’s a sound currency, and they think it’s a safe haven. So when problems come, people race to a safe haven.
Bitcoin Does Not Pose a Threat to Government Currency – ‘It’s Just a Trading Vehicle’
In the second part of their conversation, Makori queried Rogers on his views regarding bitcoin, especially after the U.S. Securities and Exchange Commission (SEC) green-lit a significant number of spot bitcoin exchange-traded funds (ETFs), recalling his earlier assertion that governments would ban bitcoin. “Well … my point just to clarify, is that I don’t see cryptocurrencies becoming money because the governments do not want that competition,” Rogers emphasized.
The business mogul added:
I don’t think it’s a legitimate currency anywhere, except maybe in El Salvador, but El Salvador only has six million people, so I don’t think that’s going to change the world. I don’t own any cryptocurrencies. I never have, I’m not short any, I’ve never been short any [cryptocurrencies]. I mean I wish I’d bought it when it was a dollar, I wish I’d bought IBM in 1914, I wish a lot of things you know, looking back in history.
However, Rogers maintained that should crypto assets pose real threats to governments, they will not stand for it. “That’s not the way Washington or London or other places work,” Rogers quipped. To date, cryptocurrencies such as bitcoin (BTC) do not pose a “threat” to state-issued currency, in Rogers’ view, being merely a “trading vehicle.” As Rogers’ interview concluded, Makori inquired about his stance on central bank digital currencies (CBDCs), to which he emphasized that governments, naturally, are very fond of the concept.
“I fully expect that eventually, currencies are going to be on the computer,” Rogers explained. “It’s much more efficient, it’s cheaper, it’s better for many people, and governments love it because as you point out they know everything you do. They’ll call you up one day and say ‘Michelle you’ve been drinking too much coffee this month, don’t drink so much coffee anymore … They’ll know everything you do, they’ll know everything we do, governments love that, I don’t particularly like it, I think it’s horrible. But governments have the guns. I don’t have any guns. So they will do what they want and I suspect and it should happen that currency money will be on the computer someday.”
The chairman of Rogers Holdings continued:
It’s not good for you and me, but it’s certainly good for the governments.
What are your thoughts on Jim Rogers’ perspectives regarding bitcoin and central bank digital currencies (CBDCs)? Share your thoughts and opinions about this subject in the comments section below.
Renowned Investor Jim Rogers Warns of US Dollar Dominance Ending — Sees Chinese Yuan as the Only Competitor
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has reiterated his warning of the end of U.S. dollar dominance. “I know that the era of the U.S. dollar is coming to an end. No currency stayed on top forever,” he stressed, adding that the only currency with the potential to displace the USD as the world’s reserve currency is the Chinese yuan.
Jim Rogers on End of U.S. Dollar Hegemony
Veteran investor Jim Rogers discussed a variety of topics, including the end of the U.S. dollar dominance and alternative currencies, in an interview with Nomad Capitalist, published on Oct. 1. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.
While admitting that he owns a lot of U.S. dollars, Rogers stressed:
I know that the era of the U.S. dollar is coming to an end. No currency stayed on top forever — no more than 100-150 years, none in history.
While reiterating that he “can see the era of the U.S. dollar is coming to an end,” the renowned investor opined:
I don’t see another currency at the moment that can compete except the Chinese currency.
However, Rogers explained that the Chinese yuan is a “blocked currency,” emphasizing that “you can’t just buy and sell it like you can euros or dollars.” He added that until China “completely opens its currency,” the renminbi will not be able to displace the U.S. dollar as the world’s reserve currency.
Rogers noted that China has been slowly opening its currency. “They are doing it. They’ve been doing it for 20 years, but it’s not enough if you ask me,” the veteran investor continued. “But it’s the only currency that I can see on the horizon that someday can compete with the U.S. dollar. I hope something else comes along but I don’t see it yet.”
Rogers also raised concerns that the U.S. is now the largest debtor in the history of the world. “No nation has ever been as deeply in debt as we are, the U.S. is,” he said.
The veteran investor has been warning about the end of U.S. dollar hegemony for quite some time. In July, he cautioned that the U.S. is going to suffer as the dollar’s value erodes further. He also previously predicted the worst bear market in his lifetime and the U.S. encountering the worst recession he has seen.
Do you agree with veteran investor Jim Rogers? Let us know in the comments section below.
Renowned Investor Jim Rogers Warns ‘US Is Going to Suffer’ as Dollar’s Value Erodes Further
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned that “the worst is yet to come” for the U.S. economy. “The U.S. is going to suffer” as the value of the dollar erodes further, he predicted, emphasizing that inflation and the debt problems are going to get worse.
Jim Rogers Says ‘the Worst Is yet to Come’
Veteran investor Jim Rogers issued several warnings about the U.S. economy on Sputnik’s New Rules podcast, published last week. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.
“The worst is yet to come,” the renowned investor warned. “It always comes later after normal fluctuations and corrections.” Rogers explained: “We have printed a lot of money, we have borrowed and spent a lot of money, which is wonderful for the short term, but eventually we have to pay the price.” He cautioned:
Inflation is going to get worse. The debt problems are going to get worse, and the U.S. is going to suffer.
Drawing a comparison between the present circumstances and the 1980s, a period marked by significant inflation, he stressed, “The inflation now is worse,” noting that the U.S. is now the “largest debtor nation in the history of the world.”
While stating that “things are okay at the moment,” Rogers noted that it won’t last forever. “Somebody has got to pay this debt. Somebody has to print more money. Somebody has to borrow more money. And when you borrow huge amounts of money, interest rates will go higher and higher, inflation will go higher because so much money has been printed,” he detailed, emphasizing:
The value of the U.S. dollar will lose more and more value as [the U.S.] prints more. It always happens this way.
Using the British Empire as an example, Rogers highlighted that during the 1920s, Britain held the position as the wealthiest and most influential nation globally, surpassing all others. However, five decades later, the country found itself in a dire financial state, to the extent that the International Monetary Fund (IMF) had to intervene.
“That will happen to the U.S.,” Rogers predicted, clarifying that “It won’t happen this year, but it will happen.”
Last month, U.S. Treasury Secretary Janet Yellen defended the dominance of the U.S. dollar, arguing that the USD is used widely in trade because the U.S. has “deep, liquid, open capital markets, rule of law, and long and deep financial instruments.” However, she acknowledged in April that over time, the use of financial sanctions “could undermine the hegemony of the dollar.” She also said earlier this month that the ongoing trend of countries seeking to establish an alternative reserve currency to rival the U.S. dollar “is something that we simply have to expect.” Nonetheless, she emphasized that no country is able to replicate the USD, including China.
While concurring with Yellen, Rogers pointed out that the treasury secretary left out the fact that the U.S. is “the largest debtor in history and the debt is skyrocketing and the money printing is skyrocketing.”
He cautioned: “Eventually we have to pay the price. Every country in history has had to pay the price. Yes, she will print huge amounts of money. She will borrow and spend huge amounts of money, and they will think they are okay for a while, just as they have for other countries in the past. But, unless something has changed in world history and in world economics, this will not go on forever.”
Commenting on U.S. dollar alternatives, the famous investor said, “I don’t see anything on the horizon yet,” adding:
That may cause a big problem if and when things really go wrong with the U.S. and with the U.S. dollar, the world will have a serious financial crisis for a while anyway, unless we can bond something else.
“It is extremely important, especially when a crisis comes, that you have your money in a place that you yourself understand a lot about,” he concluded.
Rogers has repeatedly warned about the worst bear market in his lifetime, stating that investors should be worried. He said in May that the U.S. dollar’s time is coming to an end as a growing number of nations worldwide seek to de-dollarize.
Others have similarly sounded the alarm about inflation, the debt crisis, and the demise of the U.S. dollar, including economist Peter Schiff and Rich Dad Poor Dad author Robert Kiyosaki. Schiff said in June that the U.S. dollar decline will be “far greater” than what Yellen described, noting that Federal Reserve Chairman Jerome Powell is “clearly worried” about a financial crisis. He also warned of a U.S. dollar crisis, predicting that national debt will “spiral out of control.”
Do you agree with Jim Rogers? Let us know in the comments section below.
Renowned Investor Jim Rogers Expects Worst Bear Market in His Lifetime — Says ‘You Should Be Extremely Worried’
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says he expects the next bear market to be the worst in his lifetime. “You should be extremely worried. If you’re not, you don’t know what’s going on,” he stressed, adding that there will be trouble in all markets.
Jim Rogers on US Debt Crisis, Worst Bear Market, and the US Dollar Losing Dominance
Veteran investor Jim Rogers reiterated his warnings about the biggest market downturn and the U.S. dollar losing its global reserve currency status during an interview with Real Vision last week. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management. He cautioned:
The next bear market will be the worst in my lifetime, because the debt has gone up by such staggering amounts in the past 14 years.
Rogers reiterated his previous explanation that the U.S. experienced a bear market in 2008 due to excessive debt. He pointed out that since 2009 the debt level worldwide has skyrocketed. “We should always be concerned about Washington. They don’t have a clue what they’re doing. And they prove it day in and day out,” he opined.
The renowned investor also believes that the U.S. dollar will lose its status as the world’s reserve currency. Discussing the global de-dollarization trend, he emphasized that numerous countries are actively seeking alternatives to the U.S. dollar, partly due to concerns over its substantial debt issue. Moreover, he mentioned that the weaponization of the U.S. dollar creates an incentive for nations to reduce reliance on the USD. He warned:
You should be extremely worried. If you’re not, you don’t know what’s going on.
Rogers shared that he is “looking every day” for an alternative to the USD because he knows “something bad is going to happen in the currency markets in the next two or three years.” He recently said that the U.S. dollar’s time is coming to an end as countries seek alternatives to the USD.
The veteran investor also expects interest rates to increase worldwide. While admitting that he does not know how high central banks will increase interest rates to curb inflation this time, he stressed: “The world has never seen the debt and the spending and the money printing like in the last few years. So something is going to have to be very, very ruinous to solve this problem this time.” Rogers warned:
There’ll be trouble in all the markets — property markets, stock markets, bond markets, currency markets, everything.
What do you think about the warnings by Jim Rogers? Let us know in the comments section below.
‘Weaponization Project of the Dollar’: Asian Countries Talk De-Dollarization; Jim Rogers Says USD’s Time ‘Coming to an End,’ and More — Week in Review
The future fate of the U.S. dollar continues to dominate financial news, as investor Jim Rogers says the USD’s time is “coming to an end,” and nine Asian countries have been discussing de-dollarization measures in Iran. In other news, an expert has predicted that the price of gold will skyrocket due to economic conditions, and JPMorgan CEO Jamie Dimon has said of interest rates that people “should be prepared for rates going higher from here.” All this and more just below, in this latest Bitcoin.com News Week in Review.
9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran
Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting.
Renowned Investor Jim Rogers Warns US Dollar’s Time ‘Coming to an End’ as Countries Seek Alternatives
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says the U.S. dollar’s time is coming to an end as more countries are seeking alternatives to the USD. “Many friends of America are moving, trying to find something to compete with and ultimately replace the U.S. dollar. It will happen. It has always happened,” he warned.
JPMorgan Boss Warns ‘Everyone Should Be Prepared’ for Interest Rates ‘Going Higher From Here’
JPMorgan Chase, the largest bank in the United States, held its investor day event on Monday, where CEO Jamie Dimon answered questions from analysts and journalists. Despite market expectations of a rate hike pause, Dimon cautioned that people “should be prepared for rates going higher from here.” The billionaire banker also discussed the potential for commercial real estate to sour following concerns raised by Berkshire Hathaway’s Charlie Munger about the sector.
Gold Prices Poised to Skyrocket as Expert Predicts Fourfold Increase in Demand
Although gold has been trading below the K range since May 16, 2023, Rick Rule, the founder of Rule Investment Media, is confident that the struggling U.S. economy will cause demand for precious metals like gold to skyrocket. In an interview published on May 18, Rule emphasized that people’s anxiety about the purchasing power of conventional savings methods has always been the main factor driving gold prices. According to Rule, this trend is likely to continue, and he predicts that demand for gold will increase by fourfold in the near future.
What are your thoughts about recent conversations on the dollar losing its influence in global economics? Let us know in the comments section below.
Renowned Investor Jim Rogers Warns US Dollar’s Time ‘Coming to an End’ as Countries Seek Alternatives
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says the U.S. dollar’s time is coming to an end as more countries are seeking alternatives to the USD. “Many friends of America are moving, trying to find something to compete with and ultimately replace the U.S. dollar. It will happen. It has always happened,” he warned.
‘American Dollar’s Time Is Coming to an End,’ Says Rogers
Famed investor Jim Rogers shared why he expects the U.S. dollar to lose its status as the world’s reserve currency in an interview with Sputnik, published Wednesday. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.
“Many friends of America are moving, trying to find something to compete with and ultimately replace the U.S. dollar. It will happen. It has always happened,” the famous investor began. He was quoted as saying:
America’s time is coming to an end. The American dollar’s time is coming to an end.
He explained that the dominance of the U.S. dollar will inevitably decline since “No currency has been on top more than 150 years.” Reiterating that “Nobody has always been on top, so it’s always happened,” he pointed out that “People have moved away from whatever currency it is.”
Why Countries Are Moving Away From USD
Rogers proceeded to detail the reasons why countries are increasingly moving away from the U.S. dollar. The first reason is that the U.S. is the largest debtor nation in the history of the world. “Many people are starting to say: ‘Wait a minute, I don’t know if we want to use that money, because it will have a problem someday,’” he said.
His remarks coincided with the U.S. grappling with a debt crisis that could lead to a default on its debt obligations as early as June 1. Some have warned that a U.S. default could spark a global financial crisis.
Another major reason Rogers mentioned concerns sanctions. The U.S. and its allies have imposed severe sanctions on Russia in response to its invasion of Ukraine, with the most recent round of sanctions announced on Friday. Reiterating his previous warning regarding the weaponization of the U.S. dollar, Rogers described:
The world’s international currency is supposed to be completely neutral. Anybody can use it for anything you want. But now Washington is changing the rules. And if they get angry at you, they cut you off.
He added that the imposition of U.S. sanctions on Russia has expedited the process of de-dollarization, stating: “Even America’s friends are worried that something could happen to them. And so the world is moving more rapidly.”
While emphasizing that “The world is trying to accelerate its move away from the U.S. dollar” and many countries are trying to find a USD alternative, Rogers said: “So far, the world hasn’t found something to replace or even compete with the dollar.” Commenting on whether the Chinese yuan could become the world’s dominant currency, he said: “The Chinese currency, sure you would think, but the Chinese don’t let you buy and sell the currency, it’s not completely converted.”
One of the initiatives aimed at challenging the U.S. dollar’s dominance is the proposed BRICS currency. The BRICS nations (Brazil, Russia, India, China, and South Africa) are collaborating to establish a common currency that would reduce their dependence on the U.S. dollar. The leaders of the BRICS countries are set to discuss this proposal during their upcoming summit in August. The potential success of a BRICS currency is widely seen as a factor that could undermine the dominance of the U.S. dollar.
A growing number of countries are following the BRICS’ de-dollarization lead, including Indonesia and Venezuela. Ten Southeast Asian countries also recently agreed to encourage the use of national currencies in an effort to reduce their reliance on the U.S. dollar and other Western financial systems.
Do you agree with Jim Rogers? Let us know in the comments section below.
Legendary Investor Jim Rogers Believes FinTech Will Replace Banks and Cash
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Legendary Investor Jim Rogers Believes FinTech Will Replace Banks and Cash
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