While it is no secret that Robert Kiyosaki, a prominent investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ is an enthusiastic proponent of Bitcoin (BTC), despite being somewhat of a latecomer to it, he explained why he believes it will bring about the end of fiat currencies like the United States dollar.
Indeed, the finance educator explained why he viewed Bitcoin as the “number one” asset, as he discussed the maiden cryptocurrency with a popular entrepreneur, technology investor, and Bitcoin expert, Anthony Pompliano, during an episode of his The Rich Dad Channel podcast streamed on October 2.
Why is Bitcoin ‘number one’?
Specifically, he warned that “we’re in the middle of a crash now and [artificial intelligence (AI)] will accelerate the crash” and that one day, “you’re going to find out the [banks’] doors are closed,” as the bankers, in his view, are destroying the economy, considering they are the ones watching the “fake money.”
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“It’s not about Bitcoin, it’s about how incompetent our leaders are, I call them the Three Stooges, Joe Biden – President, Powell – chairman of the Federal Reserve bank, and Janet Yellen – Treasury.(…) So those are the Three Stooges and they’re ciminals. (…) They just keep pumping more money into the thing. And I think we’re at the end of the line.”
On the other hand, Kiyosaki opined that the advantage of blockchain technology, which underlies Bitcoin, is that the “whole world is watching it,” adding that “Who’s number two? Nobody knows. Bitcoin’s number one, so that’s why I’m not selling Bitcoin.”
High demand = high price
Furthermore, he highlighted the scarcity of Bitcoin that directly impacts its demand, noting that there are only 21 million BTC and that it follows Metcalfe’s law, which states that the financial worth or influence of a network is proportional to the square of the number of connected users of the system:
“Bitcoin follows Metcalfe’s law, the power of networks. So network marketing is a powerful force, like McDonald’s is a network of hamburger stands, Bitcoin is a network, and it follows Metcalfe’s law, but there’s a finite number (…) and demand is going up.”
As a reminder, the ‘Rich Dad Poor Dad’ author earlier urged his followers to buy Bitcoin as it fell below $53,000 in early August this year, arguing that the lower price was the golden opportunity to stock up on the flagship decentralized finance (DeFi) asset and be brave when others are cowering.
Meanwhile, Bitcoin is changing hands at the price of $60,220, which reflects a decline of 2.44% in the last 24 hours, adding up to the accumulated drop of 5.36% across the previous seven days and reducing its monthly gain to 2.37%, according to the latest data on October 3.
Watch the entire video below:
