Robert Kiyosaki, author of the best-selling book “Rich Dad, Poor Dad,” has recently revealed he’s bullish on cryptocurrencies like Bitcoin and Ethereum, as he believes these will eventually replace the “fake” fiat money.
Speaking to Micky.com.au, Kiyosaki predicted the world is about to endure an economic crash bigger than any other. He noted that while he can’t predict when the crash is going to happen, the “foreshocks are sounding right now.”
Kiyosaki added that fiat currencies like the US dollar may be behind the crash, as he claims it became fake money since US President Nixon took it out of the gold standard back in 1971. Per the best-selling author, the constant printing of fiat money is inflating a large bubble that will eventually pop.
This bubble, Kiyosaki said, will be bigger than the “big cash in 2000,” the dot-com crash, and than the subprime real estate crash of 2008. Presumably, as a result, he predicted the US dollar will eventually come to an end.
The best way for the “average person” to hedge against the economic crash he predicted is to “just buy some Aussie gold or silver coins from the Perth Mint,” as he pointed out the precious metal goes up when the dollar loses value.
Another way to hedge could reside in crypto. During a financial-themed podcast in April, the best-selling author revealed he’s bullish on cryptocurrencies like Bitcoin and Ethereum, as he believes cryptocurrencies, along with gold and silver, will supersede fiat currencies in the future.
I think the dollar is toast because gold and silver and cyber currency are going to take it out … The US dollar is a scam .… we’re watching the end of the dollar.
For Kiyosaki’s prediction to come true, according to a report published by Swiss multinational financial firm UBS, the flagship cryptocurrency will need to hit $213,000. Per the firm, the cryptocurrency can’t currently be treated or money or as a legitimate asset class over its poor speed.
While Bitcoin has considerably grown in the last 12 months, it’s still far from $213,000. The cryptocurrency recently fell below $6,600 after the US Securities and Exchange Commission (SEC) announced it needed more time to make a decision regarding the VanEck SolidX Bitcoin ETF, setting the deadline to September 30.
Other cryptocurrencies, including Ethereum, Litecoin, and Ripple’s XRP fell because of the announcement. The SEC’s move, however, was an expected move, according to various analysts.