The author of ‘Rich Dad, Poor Dad’ is hoarding Bitcoin to survive the impending financial crash
When Robert Kiyosaki, together with Sharon Lechter, published Rich dad, poor dad in 1997 he changed the way people looked at investing, real estate and entrepreneurship. The book was more than self-help – it contained financial advice given in parables.
Kiyosaki writes in the book that he has acquired all his financial knowledge through his friend’s father, the rich dad. Unlike him, his own father – poor father – worked hard all his life but could not create financial security for himself. The book has sold more than 32 million copies worldwide over the past 25 years. And now Kiyosaki has come forward and warned the world that the dollar, gold and real estate will crash because of fiscal policy.
But as a good financial advisor and teacher, he also has a solution. It’s simple: Bitcoin. Kiyosaki stated that investors could store their wealth in Bitcoin, noting that the flagship cryptocurrency protects wealth as it is a good “store of value”.
It will not be surprising if investors flock to Bitcoin (BTC), Avalanche (AVAX) or Big Eyes Coin (BIG) instead of buying shares of coca-cola or investing in expensive real estate.
Kiyosaki’s thoughts on Bitcoin
The rich father of cryptocurrencies, Bitcoin, paved the way for the endless influx of new coins like Ethereum, Cardano, Avalanche and more. Bitcoin also inspired meme coins like Dogecoin, which were essentially launched to mock cryptocurrencies. Ironically, Dogecoin’s market cap rose to over $84B, making it one of the most valuable meme coins on the market.
And now, after 14 years after its launch, Bitcoin is proving to be one of the only ways out of the economic crisis. Kiyosaki believes that people must adapt to new ways to survive the financial crash. Adopting Bitcoin will not generate income, he believes. As people have to find side hustles. However, Bitcoin will protect people’s current wealth.
Shares, bonds and property will crash, he asserts. The reason for this is that the Fed Reserve keeps raising interest rates, and that “will kill the economy,” Kiyosaki tweeted.
Why is Bitcoin important?
The amount of money invested in Bitcoin, close to $30B at the time of writing, makes it impossible for the crypto to become obsolete or zero. Also, Bitcoin makes it easier to exchange money or assets between unknown parties. Because the transactions will be mined on a robust blockchain, it minimizes any chance of fraud or fraud.
The left and liberal front in each country have particularly admired Bitcoin for its decentralization. It solves the need for any intermediary between transactions, and challenges the authorities and the traditional financial system.
Apart from the developed countries, there are many regions where the banking systems are still not robust. They lack technology, manpower and expertise. Bitcoin provides a way out of the mess in such fragmented economies.
Major retailers are experimenting in the crypto space. Gucci, KFC, Microsoft and more have started accepting Bitcoin as an alternative payment method. Just last year, TIME Magazine’s president, Keith A. Grossman, announced that he will accept his salary in Bitcoin.
Are there alternatives to Bitcoin?
Certainly. If the world ran out of alternatives, the economy would collapse. Since regular milk has alternatives like almond milk and oat milk, Bitcoin has enough.
Ethereum was launched to solve the problems that Bitcoin did not have an answer to. At its core, Ethereum is a decentralized global software platform powered by blockchain technology. It is best known for its original cryptocurrency, ether (ETH). Many modern cryptocurrencies run on the Ethereum blockchain as it provides a platform to create dApps and run ledgers with minimal fuss.
Another alternative to Bitcoin, according to market analysts, is Big Eyes Coin (BIG). A fairly new token on the market, Big Eyes Coin is a community-driven meme token that intends to put wealth into the DeFi (Decentralised Finance) ecosystem.
Compared to Bitcoin, Big Eyes Coin wins the social responsibility battle. Critics have panned the mining process of Bitcoin as contributing to global warming. On the other hand, Big Eyes Coin realizes its responsibility towards the natural ecosystem. The meme token has pledged to donate a significant portion of its wallet profits to ocean conservation projects.
To summarize
According to R. Kiyosaki, the best-selling author, the world may soon face an economic crisis like never before. He has tightened his belts to cope with the situation, and he advises the same to other investors who want to live a stable life.
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