Marc Faber the Swiss fund manager and Gloom Boom & Doom editor predicted the value of the dollar in the long term will be zero and advised investors to become "their own central banks and gradually accumulate gold reserves as a currency".
Speaking early on Monday to CNBC Asia, Faber said: "We are in a contest for the ugliest currency".
Most investors have at least 70%-80% of their money in US Dollars, he said, adding that occasionally the money speculators may be heavily into the euro and negative about the dollar but "there is a huge overhang of US Dollars globally. If people could sell their dollars and move into something they believed in, they would do it".
"I still believe the best currency is gold and silver, and this is not the perception of most people. They believe gold and silver are speculative investments," Faber added.
In a reply to a question from a viewer, Faber said investors "should be their own central banks and gradually accumulate gold reserves as a currency", rather than speculating in gold.