‘Washington Does Not Play Fair Anymore,’ says renowned investor Jim Rogers, who sees the end of the US dollar.

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In an interview published by the Economic Times on Sunday, renowned investor Jim Rogers discussed the end of the US dollar and the future prospects for cryptocurrency. Rogers is a former business partner of George Soros, with whom he co-founded the Quantum Fund and Soros Fund Management.

He was asked about the outlook for the US dollar and where he thinks the dollar index will go in the future. “One of the reasons I own US dollars is that when things get tough, people look for a safe haven. For historical reasons, they believe the US dollar is a safe haven,” Rogers explained.

However, the veteran investor added:

But what is happening with the U.S. dollar now is the end of the U.S. dollar because an international currency is supposed to be neutral but in Washington, they are now changing the rules.

“Now if Washington does not like you, they put sanctions on you and you cannot use U.S. dollars,” he stressed.

“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,” he continued.

Since Russia began its invasion of Ukraine, the United States as well as a growing number of other countries have been placing sanctions on Russia.

Russia has about 16% of its reserves in U.S. dollars and 32% in euros. As billionaire investor Bill Miller recently described: “They have almost 50% of their reserves in currencies that are controlled by people who want to do them harm.” Miller agrees with Rogers that other countries are starting to look for alternative currencies to the U.S. dollar.

Rogers added:

Of course, the U.S. is the largest debtor nation in the world. So, for fundamental reasons and political reasons, people are looking for competing currency.

“I do not know what it will be yet. I hope I am smart enough to buy it when you find it. I do not like saying it. I am an American but I do not like to see what they are doing to the American dollar,” he opined.

Rogers was also asked, “Can cryptos ever be an alternative to the U.S. dollar index?” He replied: “Well it could be. Many people have made a lot of money trading crypto.”

He explained that crypto bulls say that cryptocurrency will be the new money. “I know that every country in the world is working on computer money now, including the U.S.,” he pointed out. However, he said that the U.S. will not say it is new money.

Regarding cryptocurrency, he noted that “Governments like control” and “Governments like monopoly.” The veteran investor elaborated:

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.

Rogers has warned that governments could ban cryptocurrencies on several occasions. He said it is the reason he did not invest in bitcoin. However, in May last year, he said he regretted not investing in BTC.