Nick Chong · 5 hours ago · 2 min read
Bitcoin › Adoption
‘Rich Dad, Poor Dad’ Author Robert Kiyosaki Says Cryptocurrency Could Outlast Fiat
Robert Kiyosaki, the author of one of the top personal finance books of all time, stated that cryptocurrencies, gold, and silver, will triumph over an impending economic crash — the likes of which the world has never experienced.
The author of the 1997 bestseller ‘Rich Dad, Poor Dad’, Kiyosaki has garnered a reputation as an investor, entrepreneur and motivational speaker — typically advocating the financial springboards of investment, entrepreneurship and increasing one’s financial intelligence.
Now, the Japanese-American is predicting that the failure of fiat currency will cause the “biggest of all” global recessions and that cryptocurrency will be one of the lone survivors.
Fake News, Fake Money
Speaking to news.com.au on August 6, 2018, Kiyosaki did not hide his disdain for the U.S. Federal Reserve’s use of quantitative easing — the creation of fresh currency en masse — which, in his opinion, is inflating a bubble of epic proportions.
Yet, to the 71-year-old businessman, fractional reserve banking is equally unthinkable. In an April podcast with Sane Crypto, Kiyosaki described how banks loan up to ten times their net holdings, debasing the worth of the dollar. During the interview, he noted:
For every one ounce of gold, there might be a hundred ounces of paper gold, and that’s why I’ve never trusted paper.
The U.S. dollar was once redeemable for 1.5 grams of gold, but President Nixon ended this system in 1971 — creating a fiat currency unbacked by any physical asset.
According to Kiyosaki, such a currency equates to “fake money”. Reflecting on Nixon’s legacy, he stated:
I’ve always been a gold bug. My latest book coming out is called Fake. There’s so much fake money. In 1971 Nixon took the dollar off the gold standard and the US dollar became fake money.
While Kiyosaki describes gold and silver as “the objective” of all sound investment policy, he stated in April that cryptocurrencies are a “wonderful idea” that will likely outlast fiat currency. During the interview, the entrepreneur summarized his stance:
I think the dollar is toast because Gold and Silver and cyber currency are going to take it out.
Kiyosaki may not be alone in such prophecies. Recently, Swiss multinational bank UBS tabled a report suggesting Bitcoin could overtake the U.S. dollar when it reaches $213,000 per token.