According to the author of “Rich Dad, Poor Dad”, Bitcoin represents security. Kiyosaki has shown his inclination towards Bitcoin on several occasions.
Renowned investor and author of the best-seller “Rich Dad, Poor Dad” Robert Kiyosaki is once again in favor of using Bitcoin and other cryptocurrencies as an alternative to the US dollar.
Kiyosaki referred to the pioneering cryptocurrency, as an alternative for citizens to exit the centralized system that governments have created whilst regaining their power over their own money.
Last April, Kiyosaki stated that he does not trust centralized entities such as the Federal Reserve (Fed) or Central Banks, particularly for their monetary issuance policies. At that time, the Fed had already started its issuance of billions of dollars in response to the pandemic.
In this regard, the investor considers that these centralized entities do not like the idea behind Bitcoin and other decentralized cryptocurrencies. He criticizes them for their control over people’s money.
Kiyosaki likes the fact that elites, politicians, and organizations cannot control Bitcoin. Regarding governments, he argued that they seem to be hiding something behind the complete closure of the economy worldwide.
Kiyosaki believes that governments are hiding the collapse of the financial system and are keeping at bay the intentions to depart from that system. That situation turns people’s attention to the coronavirus and everything related to the pandemic.
On the other hand, the businessman stated that central banks still have the same negative positions against Bitcoin. He said that these entities do not like gold or Bitcoin as they cannot print them.
Pandemic Context of the Worst Crisis
For the author of Rich Dad, Poor Dad, the world economy is experiencing “the worst crisis in history.” Even though he predicted a great crisis, he could not foresee the closure of “the entire world economy” coming, which he finds “suspicious”.
The partial suspension of activities due to the coronavirus quarantine has led the Federal Reserve (Fed) and central banks such as the European to indiscriminately print money. The Fed’s President Jerome Powell himself acknowledged that they were printing more money than necessary.
This monetary policy, together with the paralysis that the pandemic caused and the fear that dominates the markets, has led to a crisis that has affected traditional indices, the oil market, and even gold and cryptocurrencies. However, these last two have been the least affected this year.
WTI oil remains 40% below its best price this year. Currently, this benchmark for the US oil market is trading at USD 37.69 per barrel, in contrast to USD 64.30 that a barrel came to be worth in January 2020.
Meanwhile, Bitcoin rebounded from a drop that brought its market value below USD 5,000. Currently, its price is constantly struggling between USD 9,000 and USD 10,000. At the time of writing this article, the price of BTC is equivalent to about USD 9,500.
Bitcoin and Death of US Dollar
In early April, Kiyosaki said that people were witnessing the “death of the US dollar.” Since then, he has recommended seeking a safer alternative to the safeguard of value.
“Don’t save. Buy gold, silver, Bitcoin. The dollar is dying,” he wrote on his Twitter account. Besides, he said that the stimulus checks that the US government announced were “free fake money” and that citizens should invest quickly.
Kiyosaki defended Bitcoin as “security”, in contrast to statements from 2018. At that time, the businessman considered the possibility that the cryptocurrency created by Satoshi Nakamoto was becoming useless and worthless.
Now, with a pro-Bitcoin stance, Kiyosaki even said that the cryptocurrency could experience a rise never seen before in its history. According to his analysis, the price of BTC could reach USD 75,000 in a period of three years. Among his main arguments, the most prominent is precisely the current crisis.
Amid the context that the pandemic has created, Kiyosaki seems to have reinforced his vision of the future of money and the role that cryptocurrencies will have in that future. In his view, the destiny of cryptocurrencies is to replace the US dollar and other fiat currencies, which he has referred to as “a scam.”
By Willmen Blanco
