Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has added his voice to the current debate in the financial world regarding the future of money. His views come at a point where proponents of cryptocurrencies believe digital assets are the perfect alternatives for the shortcomings associated with traditional fiat currency.
The entrepreneur has previously voiced his skepticism about traditional fiat currencies, particularly the US dollar, stating that it is “toast.” Kiyosaki, who has admitted to owning some Bitcoin (BTC), sees cryptocurrencies as a hedge against the erosion of value caused by inflation and government monetary policies.
As reported by Finbold, Kiyosaki believes that the ability of Bitcoin to rally after undergoing downturns means that the maiden cryptocurrency is here to stay.
“I own 60 BTC. I know nothing beyond that, I bought them at $6,000 each (…), and the reason I bought them is not because I’m a crypto expert. I’m a trader (…), and when Bitcoin first hit a high of about $20,000 and retraced back down to $100, I said, ‘ah, it’s gone,’ but when it kept coming back and hit $6,000, I said, I think it’s here to stay.”
The potential of Bitcoin
Interestingly, the investor considers fiat currency as ‘criminal money’. In this line, Kiyosaki also highlighted the significance of Bitcoin as a hedge against fiat money and predicted its price could soar to $120,000 next year. Indeed, Bitcoin is targeting another all-time high, with next year’s halving event touted to act as a key catalyst.
He believes the US dollar will depreciate significantly due to trillions being poured into the economy, causing rampant inflation. As a result, Kiyosaki has mainly recommended buying assets like gold, silver, and Bitcoin to safeguard against the devaluation of fiat currency.
At the same time, the financial educator has issued a warning regarding inflation and its potential consequences, noting that it could lead to the demise of the middle class in the United States. He attributes some of this risk to President Joe Biden’s green energy policies.
In this line, Kiyosaki has repeatedly expressed his distrust of the US government while calling out the Federal Reserve for its continuous money printing practices.
In his view, the US economy is on the brink of a major crisis, and cryptocurrencies, especially Bitcoin, offer a haven for investors in these uncertain times.