The US Dollar is a scam and will eventually be replaced by bitcoin and other Cryptocurrencies. This was Robert Kiyosaki, the author of the multinational financial literacy book ‘Rich Dad, Poor Dad’ sentiments about the threat posed by digital currency to the traditional fiat currency. He bases his argument on the fact that the U.S Dollar no longer has the backing of the gold, silver, and other precious metals that served as its hedge up to 1971 when then-President Nixon took the currency off the Gold standard
The US Dollar is fake money
According to Kiyosaki, the move effectively doomed the dollar to the confines of “Fake Money.” The celebrated author would go on and give his version of the three types of money currently in existence while predicting their continued existence. He refers to Gold and silver as God’s money, the fiat currency such as the dollar as the government’s currency, and the blockchain hosted cryptocurrency as people’s money.
By referring to Fiat currency as government’s money and cryptocurrencies as people’s money, Kiyosaki alludes to the fact that this money is printed on government orders while the latter observes the natural laws of demand and supply. Expounding on his bearish remarks concerning the dollar, Kiyosaki argues the continued printing of new fiat currencies by the government and assumption of gold as its hedge has led to the rampant economic crashes. He is of the opinion that far from the dotcom and subprime real estate crashes experienced in 2000 and 2008 respectively, the world should ready for a bigger financial crash with even more far-reaching consequences in the near future.
The end of the dollar reign
While calling out on the fiat currency savers, terming them ‘losers,’ Robert Kiyosaki claimed that the dominance of the US Dollar as the standard currency is coming to an end. He goes on to argue that with the massive reception that the alternative currencies like and gold and bitcoin are currently receiving, the end of the dollar is closing in fast.
Economic thought leaders agree with Kiyosaki
The bullish opinions of the cryptocurrencies eventually torpedoing the fiat currency don’t just reflect Kiyosaki’s two cents. Different business leaders have in the recent past echoed similar thoughts, preaching doom on the survival of the fiat currency in the face of the more non-governmental controlled digital currency. For instance, Apple Co-founder Steve Wozniak recently proclaimed that bitcoin is way more superior to the USD
Similarly, Bill Gates is on record saying that the country should be on constant lookout for yet another financial crisis that is bound to happen. Nomi Prins, a former manager with Goldman Sachs and a respected finance market thought leader, has also echoed Gates’ opinions affirming the probability of yet another financial crash in the market.
New book on Fake
Highlighting the seriousness of the issue, Robert Kiyosaki has gone on to write a new book titled, FAKE. Here, he tears into the idea of Fake Money, Fake Assets, and Fake Teachers as well as how cryptocurrency and gold can prove to be better capital hedges in the impending financial market collapse.