Renowned investor and author of Rich Dad Poor Dad, Robert Kiyosaki, has become an outspoken advocate of Bitcoin (BTC). Although he entered the cryptocurrency market relatively late, Kiyosaki believes that Bitcoin will bring an end to fiat currencies like the U.S. dollar. He shared these views during the October 2 episode of his podcast, The Rich Dad Channel, where he spoke with popular entrepreneur and Bitcoin expert Anthony Pompliano.
Bitcoin: The ‘Number One’ Asset
Kiyosaki refers to Bitcoin as the “number one” asset, explaining that the global economy is heading towards collapse, and artificial intelligence (AI) will only accelerate this process. According to Kiyosaki, banks are controlling “fake money,” which is destroying the economy. He went as far as predicting that one day, banks will close their doors, making economic collapse inevitable. Kiyosaki holds U.S. President Joe Biden, Federal Reserve Chairman Jerome Powell, and Treasury Secretary Janet Yellen responsible, referring to them as the “Three Stooges.”
Inflation and Fiat Currency Devaluation
Kiyosaki blames the so-called “Three Stooges” for mismanaging the economy, leading to uncontrolled inflation and a dramatic increase in the money supply. He warns that the result will be growing inflationary pressures and a devaluation of fiat currencies. In Kiyosaki’s view, Bitcoin offers a solution to escape this economic downfall. He highlights the power of blockchain technology behind Bitcoin, which he believes is gaining attention worldwide. Kiyosaki emphasized that Bitcoin is “number one” and claimed, “nobody knows who the second-place cryptocurrency is,” underscoring his commitment to never selling his Bitcoin holdings.
Demand and Limited Supply = High Value
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Another key point Kiyosaki made is Bitcoin’s limited supply and its impact on demand. With only 21 million Bitcoin available, Kiyosaki believes that Metcalfe’s Law—which suggests that the value of a network is proportional to the square of the number of its users—will drive demand higher. He compared Bitcoin to large networks like McDonald’s, arguing that the growing network effect will push Bitcoin’s price upwards. Despite its fixed supply, the increasing demand is one of the factors that makes Bitcoin valuable. Kiyosaki stressed the importance of viewing Bitcoin as a network that continues to attract global attention.
BITCOIN and all markets crashing. Yay. Getting ready to buy more Gold, silver, Bitcoin. Now is the time when the coward
— Robert Kiyosaki (@theRealKiyosaki) August 5, 2024
Investment Opportunities During Price Dips
Kiyosaki often encourages investors to take advantage of price dips in Bitcoin. In August, when Bitcoin’s price dropped below $53,000, he advised his followers to be bold and view the price decline as a buying opportunity. He believes that while many panic, smart investors see these dips as opportunities. Despite Bitcoin’s price volatility, which attracts attention, Kiyosaki remains optimistic. As of October 3, Bitcoin was trading at $60,220, down 2.44% over the past 24 hours and 5.36% over the past seven days. However, its monthly return remains positive at 2.37%.
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