Renowned investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says he has “optimism about the future of crypto money.” However, he is skeptical of central bank digital currencies and warned that the world is looking for something to replace or compete with the U.S. dollar.
Jim Rogers discusses Bitcoin, Crypto and the U.S. Dollar
Jim Rogers is a veteran investor who shared his thoughts on crypto and the U.S. dollars in an interview that was published Sunday by Economic Times Markets. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.
Despite the Fed and other central banks stating that they would start normalizing, Rogers stressed, “There are still gigantic amounts of money printing all over the world.” He opined:
These guys are not to be trusted. They rarely tell the truth … The U.S. Fed has more than doubled their balance sheet in the very short period of time.
He added: “Even if they cut back for a while, it is not going to be enough to make up for the gigantic money printing that has been going on.”
Commenting on the future outlook for the U.S. dollar, Rogers said: “I do not like saying it but the U.S. is the largest debtor nation in world history and the world is looking for something to replace it or compete with the dollar.”
He explained that after Russia began its invasion of Ukraine, the U.S. just blocked Russia’s assets. Reiterating that “America just took the Russian’s money away,” Rogers warned:
Well, people do not like that and so many countries in the world … are looking for something to compete with the U.S. dollar.
During the interview, Rogers also spoke about cryptocurrency. The veteran investor answered the question “Do you own any bitcoin?”
None of my cryptocurrency are mine. I wish that I would have bought bitcoin at $1 and $5.
Quantum Fund’s co-founder spoke about central bank digital currency (CBDCs) after he had finished. He opined: “I do not have great confidence in the future of government cryptocurrencies that all the governments are working on putting money on the computer. It will be their money.”
Rogers continued:
While I believe in the potential of cryptocurrency money, my optimism is limited to government crypto currency.
However, he cautioned: “Governments do not like competition. They like to keep their monopoly.”
Rogers had warned governments that they could outlaw Bitcoin and other cryptocurrency. “If cryptocurrencies become successful, most governments will outlaw them, because they don’t want to lose their monopoly,” he said.
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