As the economy continues to slide, Robert Kiyosaki, best-selling author of Rich Dad, Poor Dad said he is turning to cryptocurrencies like Bitcoin and Ethereum.
In a recent podcast episode of his radio show, he said that while he does not want to be drawn into the gold vs Bitcoin store of value debate, he was racing to buying as much gold, Bitcoin and Ethereum as he possibly can.
Invest in Cryptocurrencies –Kiyosaki
In 2020, Kiyosaki had predicted that the price of Bitcoin would cross the $50,000 mark. His prediction, however was based on the falling US economy and not actually on BTC strength. He had a word for Peter Schiff and Marx Keiser, both of whom were always arguing back and forth about precious metals Vs Bitcoin:
Why the heck are you guys arguing?’ Just get as much as you can right now because the government is screwed. We’re screwed. Our whole economy is screwed. We’re so deeply in debt, it’s like sinking into quicksand right and you’re arguing about gold, silver, Bitcoin. Just buy something.
He queried what would happen if owners of office buildings are unable to pay for their rents. That was the reason he placed a $50k bet that the Federal Reserve would respond by printing more cash. And if they don’t print more cash, we are still screwed anyways, he said. They eventually did.
Janet Yellen, Treasury Secretary, had warned earlier that Bitcoin was very volatile. Kiyoasaki replied her by saying that printing more cash was not an efficient method either. And that printing more currency would only serve to make cryptocurrencies more valuable.
Where do you put your money as cash is fast becoming trash? He asked. The first lesson in his best-selling book Rich Dad, Poor Dad is that rich people never work for money; money works for them. Whoever works for money is screwed according to him.