Robert Kiyosaki, a well-known entrepreneur and author of the personal finance book “Rich Dad, Poor Dad,” has long advised investors to purchase gold, silver, and bitcoin.
He previously explained that he is an investor and not a trader in bitcoin, thus he feels thrilled when the price of the most popular cryptocurrency drops.
The financial guru attributes the recent growth in precious metals and digital currencies such as Bitcoin to consumers’ worsening financial circumstances and has reiterated his endorsement for cryptocurrencies as a sensible alternative to the present currency system.
Kiyosaki recently claimed that crypto traders will profit more when the US Federal Reserve switches course and creates trillions of “fake” dollars.
Robert Kiyosaki. Image: Entrepreneur's Handbook
And, in the wake of the breakdown of the cryptocurrency exchange FTX, he stated that he still has faith in digital currencies, noting that this sort of asset cannot be held responsible for the failure of FTX.
When FTX filed for bankruptcy on November 11, prices of cryptocurrencies saw a huge adverse reaction. Since then, market observers have anticipated a long-lasting implications for the crypto community.
Bitcoin Among ‘Hottest Topics’ On The Planet
During yesterday’s episode of The Rich Dad Radio Show, the renowned author stated that the crypto, along with gold and silver, is one of the three “hottest topics on earth” because of the declining value of the US dollar.
“Today we’re going to be talking about the hottest subject on the planet today, and it’s not real estate,” he said.
“What it is here is this is gold. And this is silver. And of course, there’s Bitcoin. The reason they’re the hottest subjects on earth right now is because our money is fake,” he explained.
In a tweet published on Tuesday, Kiyosaki argued that the impact on the economic condition of the US has harmed the poor, while the middle class has become poorer.
In addition, he claimed that this may be the reason for the rising demand for alternative investment products such as Bitcoin.
Kiyosaki: Investors Need To Choose BTC
In the face of rising inflation and interest rates, Kiyosaki has been at the forefront of advocating the notion that investors need to choose Bitcoin and gold. The businessman believes that the assets provide a vital safety net in the case of a financial disaster.
“I’ve been saying this for years, this is God’s money [silver]. This is fake money [US dollar bill]. I like Bitcoin. I call it the people’s money,” he asserted on his radio show.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
In September last year, the bitcoin proponent urged investors to invest in cryptocurrencies before the worst market collapse takes place.
Two months later, he cautioned Bitcoin may go as low as $10,000 before rebounding, though it never fell past $15,000 prior to making a significant upward climb.
At the time of writing, Bitcoin is selling for $23,558, an increase of almost 44% from the beginning of the year.
The US Securities and Exchange Commission has classed bitcoin as a commodity, whereas the majority of other crypto tokens are securities, and Kiyosaki warned that the “SEC restrictions would crush the majority of them.”
Featured image by ThoughtCo