Leading financial expert and author of award winning book, Rich Dad, Poor Dad; Robert Kiyosaki has responded to the warnings of Treasury Secretary, Janet Yellen who said that Bitcoin is an extremely volatile asset that can not serve as an efficient medium of transaction.
Kiyosaki countered her argument by pointing out that the increased printing of the US dollars was not an efficient measure either and it is what makes Bitcoin and other cryptocurrencies more valuable.
Yellen Says BTC’s use is Dangerous
The United States Treasury Secretary gave this warning about Bitcoin on Monday where she pointed out that there are several dangers attached to the use of Bitcoin and its extreme volatility “makes it highly inefficient for transaction purposes.”
Yellen had questioned the stability and legitimacy of Bitcoin due to its characteristics. She had said that the anonymity the asset grants to its users has made it an ideal tool for malicious actors. She also pointed out that the activities of Bitcoin mining causes loads of damage to the climate(environment) as it deals with the consumption of lots of energy.
Since her warning, the value of the crypto king has witnessed a major price decline as it dropped below the $50,000 mark.
Kiyosaki Counters Treasury Secretary’s Claims
The popular author took to Twitter to counter the treasury secretary’s claim that “Bitcoin is extremely inefficient” when he questioned the effectiveness of printing more dollars. According to Kiyosaki, the increased printing of fiat currency plays a part in increasing the value of Bitcoin.
Sec Treasury Janet Yellen states: “Bitcoin is extremely inefficient.” Give me a break. Does she think printing trillions of fake dollars is efficient? Does she not know the more fake dollars she prints the more efficient and valuable Bitcoin becomes? God bless her.
— therealkiyosaki (@theRealKiyosaki) February 22, 2021
Notably, institutional investors have majorly been investing in the crypto industry because of the fear of inflation as they believe that BTC could serve as a hedge against the devaluation of fiat currencies. We also reported that Micheal Burry, foremost American investor, predicted the coming of an “hyperinflation” which could also be good news for the crypto industry as more investors would begin to pour into the space as a means of storing their wealth.
