According to the prediction of renowned bestselling author Rich Dad Poor Dad, Robert Kiyosaki, crypto is the future.
In a recent post on X, he wrote that fiat, or fake money, is dead, while the future is cryptocurrencies.
Summary
The crypto prediction of the author of Rich Dad Poor Dad
Rich Dad Poor Dad is a 1997 bestseller written by Robert Kiyosaki together with Sharon Lechter.
Despite being more than 20 years old, it remains a legendary book that propelled its author into the Olympus of finance.
The book contains a series of “parables” apparently based on Kiyosaki’s own life, in which the rich dad is his best friend’s father who accumulated wealth through entrepreneurship and investment, while the poor dad would be his father who worked hard all his life but never achieved financial security.
The bestseller has sold more than 32 million copies in 109 countries worldwide, and has been on the New York Times bestseller list for more than six years.
It was originally self-published even, in 1997, because every publisher had rejected it at the time, but with subsequent success it was then published by Warner Books.
Although the book has given Kiyosaki enormous popularity, it has been heavily targeted by critics.
For example, there are those who accuse it of containing a lot of bad advice, a lot of very bad advice and virtually no good advice, so much so that it has been called by some one of the dumbest financial advice books in existence.
Kiyosaki has been accused of filling it with many factual errors and improbable accounts of events that supposedly happened.
The author has never ceased to be the target of criticism due mainly to his often radical positions.
The prediction about cryptocurrencies
One of these radical positions is precisely the one regarding his prediction on fiat currencies.
Kiyosaki argues that the expansive monetary policies of central banks, that is, the mighty creation of fiat currencies out of thin air, will eventually lead to the implosion of fiat currencies themselves.
Moreover, the fact that the US is highly indebted makes it extremely unlikely that such a parabola will reverse its course.
For this reason, he believes that fiat currencies are now burned out, and that the future is cryptocurrencies.Â
Interestingly, he is politically aligned with Donald Trump, i.e., the president under whom the last huge US central bank QE began in March 2020.
When Trump was succeeded by Biden on 20 January 2021, the Fed’s balance sheet had increased in less than a year from $4.150 trillion to $7.410, and then continued to $8.960 in March the following year.
Although the Fed is theoretically independent of the government, it was Trump himself at the time who pressed strongly for a very expansionary monetary policy.
Kiyosaki and cryptocurrencies
Kiyosaki is actually not a big supporter of all cryptocurrencies, but particularly of Bitcoin. However, his recent utterances are no longer just about Bitcoin, but about cryptocurrencies in general.Â
For example, in August he had stated that the price of Bitcoin may go as high as $100,000.
Even in May he had explicitly recommended buying gold, silver and BTC.
Actually, he has always talked mostly about Bitcoin, so much so that, for example, on his X profile, Ethereum was mentioned only three times, the last of which was before the implosion of the Terra/Luna ecosystem.
Another cryptocurrency he mentioned is Solana, but he mentioned it only once in March 2022.
Bitcoin, on the other hand, he has mentioned dozens of times, and continues to do so.
So although he said that cryptocurrencies are the future, he primarily sees Bitcoin as an investment, while he sees some other crypto projects as interesting projects.
He believes that gold and silver are God’s money, while Bitcoin would be people’s money.
In light of all this, he predicts that there will be a giant collapse leading to the end of the US dollar due to a severe economic recession that will force the Fed to create many billions of fiat currency out of thin air.
This should lead to the destruction of confidence in the dollar, so much so that he predicts by 2025 gold at $5,000 an ounce, silver at $500 and Bitcoin at $500,000.
