For several days, the well-known author of the book Rich Dad, Poor Dad has made financial recommendations to the world. The investor had already warned that cryptocurrencies would eventually replace the US dollar.
Robert Kiyosaki is the world-renowned businessman that wrote the best-selling book Rich Dad, Poor Dad, which was published in 1997. The financial guru stated on his Twitter account last April 4th that the best way to protect funds right now is by investing in Bitcoin, instead of saving in US dollars. Kiyosaki is sending financial recommendations to users of that social network, now that the world economy is under threat from the consequences of the coronavirus pandemic.
The businessman wrote on his Twitter account that the US dollar is dying and people are desperate about money. He advises that people who receive free money from the government should spend it wisely, rather than save it. He recommends buying assets such as gold, silver, and Bitcoin, of which silver is the best option. The precious metal costs USD 20 an ounce, thus being the best purchase for future security. The author says that anyone can afford USD 20, “especially with free fake money.”
A few days ago, the businessman posted other messages, in which he made criticisms about the traditional financial system that controls the US fiat currency. On that occasion, he stated that the US dollar became debt in 1971 when former President Richard Nixon completely abandoned the gold standard and has not since contributed to the world economy. For that reason, he believes that the US dollar has rather made the poor and the middle class poorer and the rich richer. “Debt, dollar, greed destroying lives & world economy VERY SAD. Save gold, silver & Bitcoin,” he indicated at that time.
On April 1st, the Hawaiian businessman had posted his opinion on the measures announced by the US Federal Reserve (Fed) in its attempt to support the US economy in these times of crisis. In this respect, he thinks that there is too much manipulation and adds that it is useless to save money when the FED can continue printing trillions of US dollars.
A little less than two years ago, the investor had warned that cryptocurrencies would end up replacing the US dollar. He thinks that the US fiat currency is in serious trouble because gold, silver, and cryptocurrencies are going to take it out of the game. Kiyosaki, who has repeatedly stated that Bitcoin is among the best options, said that “the US dollar is a scam.”
Kiyosaki’s position is based on his projection about the collapse of the traditional economy backed by “government money,” as he refers to the US dollar. In his opinion, the “invisible” and unlimited issuance of US dollars unsupported by gold reserves is “inflating a big bubble” in the market, which could even be higher than the dot-com and the 2008 housing crises. In a few words, it is better to invest in money with a limited issuance like the main cryptocurrency in the market, Bitcoin.
By Alexander Salazar