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'Rich Dad, Poor Dad' Author Praises Bitcoin As Stocks Crash

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Fri, 3/11/2023 - 5:56
'Rich Dad, Poor Dad' Author Praises Bitcoin As Stocks Crash
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Prominent educational entrepreneur and financial guru, also famous as the author of the book on managing personal finances “Rich Dad, Poor Dad”, Robert Kiyosaki, has taken to the social media site X to share what he referred to as “Lesson #1” about why some people stay poor and others get rich.

Here he endorsed the world’s flagship cryptocurrency Bitcoin, stating that compared to traditional non-safe-haven assets, it remains strong.

Bitcoin, gold, silver v. regular assets

In his X post, Kiyoski criticizes the traditional model of earning funds via regular jobs, claiming that the profits from those are “designed to be stolen from our fake money via taxes and inflation”.

Citing his “Rich Dad, Poor Dad” book, Kiyosaki speaks of “rental properties, oil, food production” as ways to earn healthy and tax-free profits rather than work on regular jobs to receive “taxable fake USD income” and having to save “fake USD”. Kiyosaki has been slamming the US dollar as fake over the past few years since the US government have been printing trillions of USD since 2020.

The expert then also says that these “fake USD” get invested into “stocks, bonds, mutual funds and ETFs, which are crashing” now. He calls Bitcoin, as well as gold and silver (“G, S, BC”) “real assets” that are worth saving rather than US dollars.

He is certain that “G, S, BC, assets that provide life long financial security & freedom”.

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US state debt keeps growing, this is fuel for BTC, Kiyosaki believes

Earlier this year, Robert Kiyosaki named three major reasons that he expects to drive Bitcoin price up. The first one was the US banking crisis in March, when several large banks crashed, including Silvergate, Signature Bank, Silicon Valley Bank, and a few others.

These banks were bailed out by the US government and their clients did not lose their funds. The closure of first few banks indeed made the leading cryptocurrency rise.

The next what he expected to push Bitcoin up was the meeting of BRICS leaders in South Africa in August and their likely decision to launch a gold-backed cryptocurrency for internal trade settlements to reduce their dependency on the USD. That has not happened so far.

The third factor Kiyosaki mentioned was the rapid growth of the US national debt. This year, the debt reached $31.4 trillion and then the US government approved the “removal of the debt ceiling”.

Recently, it was reported that last quarter US borrowed $1 trillion, thus expanding the national debt tremendously within a short time. Within this and next quarter, they plan to borrow another $1.5 trillion.

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