Author Of ‘Rich Dad, Poor Dad’ Believe in Bitcoin, Claims Fiat Is A Scam
The renowned author of the bestselling financial book Rich Dad, Poor Dad, Robert Kiyosaki, has divided opinion by labeling the US dollar a scam.
He further declared that Bitcoin (BTC), as well as other cryptocurrencies, are basically “currencies of the people”, going on to forecast that these virtual currencies will actually be around much longer than fiat currency.
The famous author made the remarks while speaking with Kim Hughes on the Sane Crypto Podcast. He said that the USD was all but done in comparison to cryptocurrencies. According to him, the dollar is basically toasted.
He referred to the US dollar as a scam before saying that:
“I think the dollar is toast because gold and silver and cyber-currency are going to take it out”
He expounds by saying that the USD won’t stand Bitcoin and other cryptocurrencies. He is convinced that fiat faces a tough time, saying that around 2000, it was the only fiat and the dollar was seen as the global reserve currency.
But he sees crypto taking over global transactions in a way that fiat would be rendered useless in the future.
Financial market crash
Kiyosaki also made a bold call regarding the stock market, predicting that crash was imminent. He made these remarks while giving an insight into his newest book titled Fake: Fake Money, Fake Teachers, Fake Assets.
The author explained that he had written about the impending crash of the global financial market. In his opinion, assets like gold, bitcoin or some of the other cryptocurrencies provided a better hedge against any sort of market collapse.
He says that his book talks about three types of money in today’s world:
“God’s money, which is gold and silver, government’s money which is fiat currency, which is done by government decree which is the dollar… Then there’s the people’s money, which is cyber-currency on the blockchain technology.”
He also said that:
“Gold is a hedge and I am expecting a collapse of the system… [and] which is why you are into cyber-currencies now…Bitcoin (BTC) and Ethereum (ETH).”
Kiyosaki also expressed a number of controversial views with regard to financial wellbeing. In a typical manner, he described those who save in fiat currency as “losers”.
He also called for the return of gold standard to the dollar, seemingly criticizing its removal by then U.S President Richard Nixon in 1971.
The controversial statements are not something new. In one of his past interviews, he predicted that the world would witness a mother of all crashes; bigger than those that occurred in 2000 and 2008.
His stance follows in the footsteps of other prominent individuals who have expressed similar sentiments about Bitcoin and USD. For example, in 2017, Apple co-founder Steve Wozniak maintained that bitcoin was in a phony way superior to the US dollar.
Others to predict a financial market crash are Microsoft founder Bill Gates and Nomi Prins, a former manager at Goldman Sachs.
While not everyone will agree with the author’s opinion, it adds to the growing list of public figures who believe there’s going to be a market crash. However, Kiyosaki’s bullish call is one among the few from people not directly involved with bitcoin.