Warren Buffett Says the U.S. Dollar Is Going to Hell

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Ace investor Warren Buffett announced his retirement at the age of 94 during Berkshire Hathaway’s 60th annual shareholders summit on Saturday and joined the de-dollarization bandwagon issuing a stark warning by bluntly saying that the U.S. dollar is a currency that’s “going to hell”.Warren Buffett’s statements coincide with the developing countries who are looking to sideline the U.S. dollar through the de-dollarization initiative. “We would not really invest in a currency that’s going to hell,” he said at the 60th annual shareholders summit.Also Read: De-Dollarization: Goldman Sachs Says These 3 Asian Currencies Could Take OverDe-Dollarization: Warren Buffett Considers Investing in Foreign Currencies Next, Not the U.S. DollarSource: Investopedia / Getty ImagesThe 94-year-old Warren Buffett hinted that Berkshire Hathaway would consider investing in foreign currencies and not the U.S. dollar for better prospects, mimicking the de-dollarization trend. “There could be things happening in the U.S. that make us want to own a lot of other currencies,” he said.Also Read: De-Dollarization: 10 New Countries Are Saying Goodbye To The US DollarDe-dollarization is quickly gaining steam and now Warren Buffett is questioning the U.S. dollar’s effectiveness in the global currency markets. Berkshire Hathaway might “do a lot of financing in their (foreign) currency,” he noted during the recent shareholder summit.Trump’s tariffs have reignited the de-dollarization trend and Buffett explained that it damages the prospects of the U.S. dollar. “Trade should not be a weapon. There’s no question that trade can be an act of war. And I think it’s led to bad things. Just look at the attitudes it has stirred up in the United States,” he said.Also Read: Nigeria Regrets Ditching the US Dollar For TradeWarren Buffett was always a staunch supporter of the U.S. dollar but now has his doubts as de-dollarization grows. Developing countries around the world are looking to use local currencies for trade and strengthen their businesses and economies. They have mostly been successful as several new trade deals have been rewritten to pay cross-border transactions in local currencies.Source link