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.

Veteran investor Jim Rogers shared his outlook for cryptocurrency and the U.S. dollar in an interview published by the Economic Times Markets Sunday.

Rogers is George Soros’ former business partner 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:

One should not listen to these guys. 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:

People do not like that, and so many countries in the world … are looking for something to compete with the U.S. dollar.

He said: I do not own any cryptocurrency. I wish I had bought bitcoin at $1, at $5.

“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.”

“Governments do not like competition. They like to keep their monopoly.”

“If cryptocurrencies become successful, most governments will outlaw them, because they don’t want to lose their monopoly,” he said.