Robert Kiyosaki, the author of international bestseller Rich Dad Poor Dad, has said he prefers holding Bitcoin and precious metals such as silver and gold over government-issued fiat cash.
Speaking during an interview with Kitco News, Kiyosaki noted that Bitcoin would survive the current regulatory headwinds. He went on to reveal that he had bought 60 bitcoins back in 2019 after witnessing the asset’s price go to $20,000 and then drop to around $3,200 before roaring back.
“So, when it hit $6000, I bought 60 bitcoins at $6000,” Kiyosaki told Kitco’s Michelle Makori.
I Don’t Trust Fiat
Kiyosaki further noted that his motivation behind Bitcoin came from the realization that the more he was in it, the more he realized it has sustainability. “So, the reason people buy bitcoin is the same reason I buy this (gold coin) and buy this (silver coin) because I don’t trust this (fiat cash)”, he said, holding up the said coins and a $1 bill respectively.
According to the personal finance guru, the continuous devaluation of the U.S. dollar resulted from bad policies by various governments over the years. He notably blamed the so-called academic geniuses like Ben S. Bernanke, former Chair of the Federal Reserve of the United States, for destroying the dollar through unsound monetary decisions.
“He destroyed our economy by dropping interest rates so low and printing money, now we are the biggest debtor nation in the world’s history and they give him the Nobel prize? – What is wrong with our country? What is wrong with us? And we are supposed to be the reserve currency of the world after 1944?” Kiyosaki added.
“Buy Bitcoin, Gold and Silver“
Kiyosaki, 75, has increasingly become outspoken about the need to infuse in precious metals and Bitcoin even as the US tackles sky-high inflation. In a recent tweet, the pundit noted that even saving money & investing in a well-diversified portfolio of stocks, bonds, mutual funds & ETFs today was still very risky advice, saying gold, silver and Bitcoin were the best investments.
In an interview with Stansberry Research last week, Mr Kiyosaki dismissed Charlie Munger after the billionaire panned Bitcoin and other cryptocurrencies as worthless, dangerous and stupid during a conference hosted by Daily Journal.
“Charlie Munger’s an old man like me,” Kiyosaki said. “The reason I like crypto is not bitcoin, it’s because of blockchain, which is an accounting system…It’s more legitimate than the Fed or the Treasury or Wall Street. So Charlie Munger is in the Fed, Treasury, Wall Street crowd, and the younger generations, millennials and below, are in the iPhone crowd.”
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