'Rich Dad, Poor Dad' author Robert Kiyosaki has doubled down on his support for Bitcoin (BTC) in his latest doom-laden tweet.
Lesson 5. DEBT. 1971 Dollar became DEBT. Debt makes RICH richer. Debt makes POOR & MC poorer. IF US Debt to GDP ratio 60% world sound. Today US Debt to GDP 110% and climbing. US bankrupt. Debt, dollar, greed destroying lives & world economy VERY SAD. Save gold, silver & Bitcoin.— therealkiyosaki (@theRealKiyosaki) April 2, 2020
Kiyosaki encourages his readers to hoard the leading cryptocurrency along with precious metals to fight the hegemony of the U.S. dollar.
The dollar is destroying lives
The iconic author claims that the dollar turned into debt in 1971, the year when former U.S. President Richard Nixon completely abandoned the gold standard. Kiyosaki warns his followers that the U.S. is basically bankrupt now, and greenbacks continue to destroy the world economy.
The Federal Reserve recently came up with unprecedented monetary stimulus measures, including zero interest rates and unlimited QE, in response to the COVID-19 crisis.
Bitcoin vs. gold
Recently, Kiyosaki called Bitcoin 'people's money' and gold 'God's money' while recommending against stock-piling 'fake dollars.'
While he thinks that both of these assets can co-exist, there is an ever-lasting debate between their proponents.
For instance, Euro Pacific Capital CEO Peter Schiff, who is also known as one of the harshest critics of the U.S. dollar, has been routinely predicting the demise of BTC since 2011 because it can replace gold.