Robert Kiyosaki, the author of the best-selling personal finance book “Rich Dad Poor Dad,” has criticized American economist and Bitcoin (BTC) skeptic Peter Schiff over his alleged focus on specific areas of finance.
In a post on X (formerly Twitter) on March 22, Kiyosaki called out Schiff for his purported limited understanding of financial principles, accusing him of residing in Puerto Rico along with other “money experts” due to their expertise being confined.
In his view, Schiff and other experts reside in the region for lacking understanding in areas like debt and real estate. However, he acknowledged that Schiff possessed knowledge limited to gold and silver.
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He suggested that, if Schiff understood how to leverage debt to invest in real estate effectively, he wouldn’t need to reside in Puerto Rico for tax advantages.
“Because they [Schiff and money experts] know a lot about a little, but do not know about everything.<…> Nothing wrong with Puerto Rico but I do not want to have to live there with the other money experts. Learn about debt, real estate and taxes and live anywhere in the world and pay zero in taxes,” he said.
Schiff’s bank tax woes
The author’s sentiments arise in the aftermath of Schiff’s Euro Pacific Bank coming under scrutiny in a global tax evasion investigation. Some of the account holders are under a probe for alleged tax evasion and money laundering. In 2022, the bank was closed by Puerto Rican authorities due to compliance-related issues.
Meanwhile, the economist maintains that Bitcoin is likely to collapse while dismissing related products such as the spot exchange-traded fund (ETF). Recently, Schiff, highlighted the liquidity aspect related to owning a Bitcoin ETF, noting that it is limited to US market hours
As per a Finbold report, Schiff believes that Bitcoin is likely to face a ‘catastrophic crash’ due to ETFs.
“The more Bitcoin that moves into ETFs, the more vulnerable Bitcoin becomes to a catastrophic crash. That’s because ETF buyers are more likely traders than true believers,” he warned.
Kiyosaki’s grim economic outlook
At the same time, Kiyosaki maintained his cautionary outlook for the economy. The financial educator warned of impending economic turbulence.
However, he also offered a glimmer of optimism, asserting that turbulent times present opportunities for wealth accumulation, particularly for those who understand how to navigate financial markets effectively.
It’s worth noting that Kiyosaki maintains that the traditional financial system is set for collapse while projecting, on several occasions, that the stock market is bound to crash.
Consequently, the investor has advocated that investors can cushion themselves by venturing into assets such as Bitcoin, gold, and silver. As reported by Finbold, Kiyosaki pointed out that silver remains a notable bargain with the potential to rally.
