Key Points
- Robert Kiyosaki, author of “Rich Dad Poor Dad”, warns against investing in Bitcoin and precious metals ETFs.
- He suggests direct ownership of assets as a safeguard against a flawed banking system.
Robert Kiyosaki, renowned for his book “Rich Dad Poor Dad”, has once again cautioned against investing in exchange-traded funds (ETFs) for Bitcoin and precious metals. He instead advocates for direct ownership of these assets as a shield against what he perceives as a flawed banking system.
Kiyosaki’s Advice
In a recent post, Kiyosaki discouraged investments in gold, silver, or Bitcoin ETFs, branding them as “banksters’ money”. He further drew a distinction between traditional financial tools and direct ownership of assets, predicting a failure of the financial system.
“Is Bitcoin a scam? It might be… But not as big a scam as the US Dollar and the US Banking System… Starting with the Fed,” Kiyosaki expressed. He described central bankers as “BANKSTERS” who receive government bailouts after losing billions, contending that they “should go to jail” instead.
Bitcoin’s Volatility
Kiyosaki’s comments came amidst a period of Bitcoin price instability. On February 27, as cryptocurrency prices fell, Kiyosaki saw the downturn as an opportunity, asserting “Bitcoin crashing. Bitcoin is on sale. I am buying.” He attributed the underlying problems not to Bitcoin itself but to America’s monetary system and banking sector.
Kiyosaki discussed the U.S. financial situation, alleging that the country is on the brink of bankruptcy with over $230 trillion in combined debt, including social programs and unfunded liabilities beyond the official $36 trillion national debt. He forecasted that when major holders like Japan and China stop buying U.S. bonds, “inflation will go through the roof,” potentially triggering an economic collapse and dollar devaluation.
During times of economic uncertainty, the financial author has consistently recommended tangible assets. In a separate tweet focusing on silver, Kiyosaki proposed that the metal is poised for significant growth. He has projected a rise from approximately $32 per ounce to $70 within a year once gold surpasses $3,000.
Kiyosaki’s views on asset prices reflect his opinions on inflation and currency devaluation: “The price of gold, silver, and Bitcoin aren’t going up. Inflation is bringing the purchasing power…the value of their fake money down.”
