Why the author of ‘Rich Dad, Poor Dad’ loves Bitcoin

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Rich Dad, Poor Dad was first published in 1997 and has sold over 32 million copies. The book on personal finance, co-authored by Robert Kiyosaki and Sharon Lechter, uses the examples of a rich dad versus a poor dad to illustrate different attitudes towards money.

Now in his seventies, Kiyosaki is still working hard to change the way people think about money. And Bitcoin (BTC) – and cryptocurrency in general – is an area he thinks we all need to understand. So much so that the Rich Dad, Poor Dad website offers a free downloadable crypto book and its own dedicated crypto section.

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Kiyosaki thinks the dollar is dying

The main reason the popular author likes Bitcoin is because it wants to protect itself against a deflationary dollar. In a recent blog post, he explained, “Unlike most, I don’t use Bitcoin to make millions. I use Bitcoin to protect my millions as insurance against the collapse of the dollar. I see Bitcoin as de digital gold. “

If you’re wondering why he’s so pessimistic about the dollar, a lot of it comes down to quantitative easing – a tool used by central banks to cut interest rates and increase the amount of money in circulation. Nor is he a big fan of the Federal Reserve, which he called “incompetent.”

Indeed, the Fed’s policies during the pandemic prompted Kiyosaki to perform various YouTube quarantine updates, including “Your Currency is Dying !!!” and “The economy is dying.” In one, he said of the Fed: “They’ve been printing money since 1971 and instead of fixing the problem, they’ve only made the problem worse.”

Gold, Silver and Bitcoin

Kiyosaki has repeatedly argued that there is no point in saving money in a bank account at this time. For him, the combination of low interest rates and deflation means that the money you hold in a savings account is actually losing value. As a result, he sees a rise in gold, silver and Bitcoin.

On August 23, he tweeted: “Bitcoin is booming. Gold is stagnating. Silver is 50% below all-time highs. Dollar is falling. Silver is the best high risk investment. and the least risky. Bitcoin has the greatest potential. With the dollar falling Bitcoin and silver are the best investments. “

He says the past two years have drastically changed our lives and it’s important to start learning how to build wealth and not rely on government when the going gets tough. He has always strongly advocated finding ways (such as entrepreneurship) to become financially independent. Kiyosaki encourages everyone to think outside the system – and thinks cryptocurrencies are one way to do it.

Do your own research

Whatever you think from Kiyosaki’s perspective, before you rush off to open an account with a leading cryptocurrency exchange, he has another great tip: study it for yourself. “If you are considering investing, study the topic first, then find someone who invests in the asset that interests you and ask them questions,” he says in his book, Decrypting Crypto.

Cryptocurrency can be a good hedge against inflation, but prices can fluctuate wildly as well. It is true that we do not yet know what all the economic fallout from the pandemic and the associated government spending will be. But we also don’t know how the cryptocurrency industry will evolve.

As with any investment, make sure you understand the risks involved and determine if a cryptocurrency investment is right for you.

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