Robert Kiyosaki, author of the financial bestseller, Rich Dad, Poor Dad, revealed on Sunday, November 28, 2021, that he has been buying cryptocurrencies, especially Bitcoin and Ether for a while.
According to the book’s website, Rich Dad, Poor Dad has sold over 32 million copies worldwide since it was first published in 1997.
The book has been translated into over 51 different languages and sold in 110 countries.
Co-authored by Kiyosaki and Sharon Lechter, Rich Dad, Poor Dad is one of the most popular personal finance books of all time, according to the CNBC.
The book uses the examples of a Rich Dad vs a Poor Dad to demonstrate different attitudes toward money.
Though in his 70s, Kiyosaki still strives to educate people about money, hence his open declaration of love for Bitcoin and Ethereum.
He believes that everyone should understand Bitcoin and own some of it.
He even set up a crypto section on his Rich Dad, Poor Dad website where visitors can get a free ebook on the basics of investing in cryptocurrencies.
However, most of Kiyosaki’s belief in cryptocurrencies is fueled by his fear that the dollar is losing its value and the US is on the brink of poverty.
“Unlike most, I am not using Bitcoin to make millions. I’m using Bitcoin to protect my millions as insurance from the collapse of the dollar. I see Bitcoin as digital gold.”
On Sunday, November 28, 2021, Kiyosaki’s cryptic tweet about his decision to buy bitcoin read, “Dollar Tree becomes $1.25 Tree. Inflation is a tax on the poor and middle class. Inflation makes the rich richer.
“Get smart. Get richer. I am buying more gold, silver, bitcoin, ethereum, rental real estate, and oil.”
Kiyosaki has always been vocal about a supposed impending economic depression and how cryptocurrencies might help mitigate it.
In October 2021, the famous author accused the President of the United States, Joe Biden and the Federal Reserve via a series of tweets of “ripping off poor people.”
In his series of tweets, he predicted that the US was sliding into a steep depression. He highlighted that President Biden and the Federal Reserve are allegedly corrupt and are “artificially manufacturing inflation to prevent a new depression.”
He warned that a giant crash would soon shake the US economy, followed by a new depression. He then concluded by recommending that his followers buy gold, silver, and Bitcoin.
In September 2021, Kiyosaki also tweeted “Why gold, silver, Bitcoin & bullets? Social Security and Medicare are broke. Boomers are broke. Pensions are looted.
“Gov and Treasury must print trillions in fake dollars. Savers are big losers. Debtors winners. Be aware. Take care.”
While his support for Bitcoin is quite progressive, some of Kiyosaki’s concerns might be over-exaggerated.
Even though buying Bitcoin is a great investment strategy, the cryptocurrency is still susceptible to massive fluctuations in price.
It is not stable enough to hedge a giant economy such as the US from inflation.
Kiyosaki’s evangelism should not be taken hook, line, and sinker.
Before you decide to invest in Bitcoin and any other cryptocurrency, do extensive and adequate research.
In crypto speak, Kiyosaki’s tweets should be taken as NFA (Not Financial Advice)
