Robert Kiyosaki, the American businessman and author of the best-selling personal finance book series “Rich Dad Poor Dad,” says that bitcoin (BTC) is a path toward what he described as “financial heaven”.
Earlier this week, Robert Kiyosaki, the author of the best-selling personal finance book series “Rich Dad Poor Dad” spoke out on the impact cryptocurrencies like Bitcoin have for today’s generation when it comes to financial intelligence.
Kiyosaki, 74, placed gold and silver in this same heavenly realm, in a social media post earlier this week:
“There are a million paths to financial heaven and a billion paths to financial hell,” he told his 1.8 million Twitter followers.
Are Our Financial Institutions Destroying the U.S. Dollar?
Speaking to the Federal Reserve, Kiyosaki described the current nature of our financial system as “financial hell.”
He continued that because of the U.S. central bank, the Federal Reserve, and the U.S. Department of the Treasury “destroying the dollar,” they are sending “billions of savers & uninformed to financial hell.”
While Kiyosaki did not explain how the dollar was destroyed, he did point to an instance that investors would be better suited towards – encouraging investors save bitcoin, along with gold and silver so they can “go to financial heaven.”
Both BTC and gold are considered a hedge against monetary inflation, which hit 7% in the U.S. in December, the highest level in decades. The Federal Reserve is now preparing to raise interest rates to combat inflation, and has indicated that it may raise rates three times in 2022, perhaps beginning as early as March.
Is Bitcoin a Veritable Hedge Against Inflation?
It is against this background of diminishing purchasing power that Kiyosaki spoke. However, back in January, Kiyosaki shared that he plans to buy more BTC once the price drops back down to $20,000.
According to earlier tweets from Kiyosaki, he allegedly bought bitcoin at $6,000 and $9,000, and believes that the “time to get richer is coming,” also stating that BTC itself carries educational opportunities at better understanding what is happening with the U.S. financial system.
In the last few months, Kiyosaki, whose 1997 book “Rich Dad Poor Dad” sold over 32 million copies worldwide, predicted that “the biggest stock market crash in world history [is] coming,” which could affect crypto assets like BTC.
But not everyone agrees with his forecasts. One Twitter user responded to Kiyosaki’s latest post with a graphic of eight of the author’s past predictions, all missed, warning: “Don’t take investment advice from Robert Kiyosaki.”
Bitcoin Hitting $40K
On Friday, Bitcoin topped $40,000 for the first time in two weeks, after continuously showing signs of investor hesitancy following the U.S. Department of Labor’s recently issued report of the U.S. adding 467,000 new jobs in the month of January.
Over the past 24 hours, bitcoin’s price jumped 8.9% to just over $40,219, moving past the $40,000 mark for the first time since January 22. Obviously with bitcoin trading significantly slower in recent weeks, fears that the Federal Reserve would respond with a more aggressive approach isn’t anything surprising – especially as interest rates are expected to rise in March.
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