Author of Rich Dad Poor Dad, Robert Kiyosaki, an ardent supporter of Bitcoin, describes it as “criminal” that children are instructed from a young age to work for an inflationary currency, while he champions the benefits of Bitcoin.
“Poor individuals remain poor because they lack an understanding of real money. Our educational system, my poor dad, and professors indoctrinate and train kids, including today’s youth, to labor for fake money.”
“Attend school, secure a job, work diligently, save money, and invest in a 401(k) filled with worthless assets,” Kiyosaki asserted on a podcast hosted by Bitcoin Collective Co-Founder Jordan Walker this Wednesday.
Kiyosaki did not hold back as he criticized central banks, likening them to “criminal organizations” and labeling them as “Marxists.” He argues that each time central banks issue currency, the wealthy become richer while other social classes suffer.
“Every time you print money, you create this fake currency. Individuals like me grow richer, but the poor and middle class become poorer.”
The US Bureau of Labor Statistics’ inflation calculator shows that a person holding $1,000 from August 2000 to August 2005 has experienced a nearly 47% loss in purchasing power due to inflation.
The Federal Reserve aims for a 2% annual inflation rate; however, since 2021, it has failed to meet this target. August’s inflation rate was recorded at 2.9%, with core inflation at 3.2%.
In contrast, BTC has surged over 900% in the past five years, rising from around $11,670 to approximately $117,200 as of this writing, according to CoinGecko.
Robert Kiyosaki wishes he had more than 60 Bitcoin
The American author revealed that it took him a considerable amount of time to grasp Bitcoin, having started purchasing it when it was valued at $6,000. He currently possesses 60 BTC, estimated at around $7 million.
“When Bitcoin emerged, it took time for me to understand it. I bought it at $6,000 and still wonder, ‘Why didn’t you buy more?’ Today, I don’t own many, only about 60 Bitcoin,” Kiyosaki shared.
Kiyosaki mentioned that he now leverages income from his rental properties to invest in oil, gold, silver, Bitcoin, and Ethereum.
In April, Kiyosaki predicted that Bitcoin would hit the $1 million mark within the next decade.
Despite his optimistic view on BTC, Kiyosaki previously expressed a contrary perspective, claiming “the odds are gold, silver, and Bitcoin may also fail,” and that’s when he plans to accumulate more of these assets.
He also cautioned investors regarding ETFs, describing them as “paper assets,” prone to bank runs; however, he conceded that ETFs offer the simplest way for retail investors to engage in asset investments.
Countries facing inflation
Kiyosaki’s assertions during the podcast carry some weight. Inflation, particularly hyperinflation, diminishes the buying capacity of everyday people.
Interestingly, individuals in countries where inflation severely impacts their finances are increasingly turning to cryptocurrency for protection.
Related: Bitcoin’s role as an inflation hedge depends on one’s location — Analyst
In Venezuela, for instance, individuals have started utilizing stablecoins, particularly Tether (USDT), as part of their daily transactions, as the annual inflation rate surged to 229%.
At the beginning of the year, one US dollar exchanged for 51.95 Venezuelan Bolívar. Today, it can buy 161.74 Venezuelan Bolívar, according to the foreign exchange processor Xe.
Meanwhile, Saifedean Ammous, author of The Bitcoin Standard, has noted that investors are likely to gravitate toward the US dollar and Bitcoin, as he anticipates the Argentine peso’s devaluation will lead people to abandon the currency and its bonds.
Raoul Pal, co-founder and CEO of Real Vision, has similarly urged investors to hold more crypto and NFTs as a safeguard against rapid currency devaluation.
Magazine: Bitcoin mining industry ‘going to be dead in 2 years’: Bit Digital CEO
.jpg){kind=link}