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Insider
Warren Buffett isn’t worried about the dollar’s dominance. He predicted it would still be the world’s reserve currency in 2065.
Jul 19, 2023, 6:00 PM MYT
- Warren Buffett isn’t at all concerned about de-dollarization, based on his comments in recent years.
- The famed investor expects the dollar to remain the world’s reserve currency for decades to come.
- However, he’s warned against printing too much money and eroding the currency’s value.
The US dollar’s status as the world’s reserve currency, and the dominant medium of global trade and investment, is in danger, several experts say. Warren Buffett isn’t worried about so-called de-dollarization, based on his bullish comments about the buck over the past decade.
“We are the reserve currency, I see no option for any other currency to be the reserve currency,” the billionaire investor and Berkshire Hathaway CEO said during his company’s annual shareholder meeting in May.
He was referring to many countries holding large amounts of dollar reserves. Governments around the world consider the greenback to be a safe and stable store of value, which they can rely on to conduct international commerce.
Buffett was even more emphatic during the Berkshire meeting in 2015. He predicted the world would still be deeply reliant on the buck in 2065.
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The famed stockpicker even suggested, during his company’s gathering in 2013, that the dollar might retain its princely perch forever.
“I think China and the United States will be the two super economic powers, but I don’t see any — I think it’s extremely unlikely — that any currency supplants the US dollar as the world reserve currency for many decades, if ever,” he said.
Charlie Munger, Buffett’s business partner and Berkshire’s vice-chairman, chimed in with a similar call.
“Oh, I think it’ll still be the reserve currency of the world 20 years from now,” Munger said. “That doesn’t mean that it’s forever,” he noted, adding that even if the dollar ceases to be the world’s reserve currency, that wouldn’t be a big deal.
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