Rich Dad Poor Dad Author Says Market Meltdown ‘Good News’ for Hard Assets Like Bitcoin, Dismisses Crypto Volatility

Rich Dad Poor Dad author Robert Kiyosaki says an impending market meltdown would be “good news” for Bitcoin (BTC) despite the leading crypto asset’s recent price volatility.

In an interview with Danielle Cambone of Stanberry Research, Kiyosaki doubles down on his predictions of a major market crash from which holders of crypto and precious metals will benefit.

“… I’m hardcore silver and you know I’m [in support of] Bitcoin and all this, I’m a hard asset guy.

So [a market meltdown is] good news for us, but it’s bad news for the boomers. Very bad news.”

The best-selling author goes on to say that those with early entry points to hard assets won’t have to worry about extreme volatility triggered by a financial cataclysm.

“So as my rich dad said to me, ‘A profit is not made when you sell but when you buy,’ 

And so you always want to be early into the market.

So Bitcoin going up and down – I don’t really care because my entry point [was] $6,000. It’s always your entry point and how many… coins do you have.”

Kiyosaki says that he favors precious metals for having zero counterparty risk, and Bitcoin and Ethereum for being the networks outside of the purview of the Federal Reserve and the financial system.

“Gold and silver are ‘God’s money.’ There’s no counterparty risk to gold and silver. They’re elements of the periodic table. So God is the counterparty to gold and silver. Bitcoin is a network system, the same as Ethereum, it’s a network outside of the control of the Fed. 

So when people say that the Fed is going to shut down Bitcoin and all that, it’s possible, they did that in China, [but] anything’s possible today. So I would just listen to idiots like me.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Rich Dad Poor Dad Author Issues Dire Warning on Inflation, Says He’s Buying Bitcoin, Ethereum and Two Additional Assets

Rich Dad Poor Dad author Robert Kiyosaki is concerned that working-class Americans will be wiped out by rising inflation unless they invest in several key assets.

In a YouTube video on The Rich Dad Channel, the widely known author says that true capitalism has been abandoned, and the government instead intervenes on behalf of banks.

“The reason they’re talking about inflation or deflation is because, way back when, in the 70s, a true capitalist would let a business fail. According to [Austrian political economist Joseph] Schumpeter, capitalism destroys inefficient companies.

If you look at one example, not too long ago there was Blockbuster Video. Then Netflix came along and they’re toast. They’re just gone. A true capitalist wipes out the inefficient or the obsolete.

But for the last so many years, since 1907 really, they’ve been saving the banks. The banks are so corrupt, and the reason the Federal Reserve had to come in was to protect the rich bankers.

And what they did was, back in 2008 there was quantitative easing, which is a very complex subject, but basically the Fed just prints money and gives it to banks to prevent them from failing. That’s not capitalism, that’s Marxism. That’s socialism, that’s communism. It’s called central banks.”

Kiyosaki warns that unlimited money printing as part of official government policy will eliminate the working class.

“The reason inflation is going to wipe out people is because the average person is a consumer. Everybody talks about, ‘T-bone steak [costs] this now, and gasoline’s this and toilet paper is that.’

That’s because… Everything’s to protect the bankers. And that’s why I feel for the working-class people. I think it’s criminal that our school system is part of Marxism. There’s no financial education in the schools and it’s not a mistake.

To the people who are complaining about inflation, just know it’s because the Federal Reserve Bank, the U.S. Treasury… they’re as corrupt as they come.”

The author tells his 1.8 million followers on Twitter that the recent 25% price increase at discount retail chain Dollar General is a bellwether event signaling that investors should protect themselves by picking up some cryptos like Bitcoin (BTC) and Ethereum (ETH), as well as gold and silver.

“Dollar Tree becomes $1.25 Tree. Inflation is a tax on the poor and middle class. Inflation makes the rich richer.

Get smart. Get richer. I am buying more gold, silver, Bitcoin, Ethereum, rental real estate, and oil. What are you buying?”

CNN Business reported this week that Dollar Tree cited rising inflation and the ongoing supply chain crisis as reasons why it planned to permanently abandon its longstanding $1 price point on all products.

At time of writing, Bitcoin is valued at $55,190, Ethereum is exchanging hands for $4,367, gold is going for $1,781, and silver is worth $22.44. Kiyosaki also issued a warning in September that a major stock market crash would occur in October of this year.

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Rich Dad Poor Dad’s Kiyosaki is Buying More Bitcoin Today, But Why?

People usually buy Bitcoin in hopes that they would be able to sell it to others for higher profits. But for a celebrated financial expert like Robert Kiyosaki, Bitcoin is an opportunity to break away from government surveillance.

The ‘Rich Dad Poor Dad’ author delivered a tweet Wednesday morning in which he said that he would buy Bitcoin because of his anxieties over “digital yuan,” a federally-controlled version of Bitcoin, put to trial by the People’s Bank of China on Tuesday after taking years for developing it.

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Bitcoin versus Digital Yuan Battle Heats Up

In retrospect, Digital Yuan falls in the category of central bank digital currencies, or CBDC, whose sole purpose is to put a national currency atop a private blockchain ledger. Bitcoin serves in contrast as a decentralized cryptocurrency, managed by not one but hundreds of thousands of entities — aka miners.

As usual, no government or central bank gains control over Bitcoin’s source code, making it more independent than a regular CBDC.

But with China’s involvement in the CBDC space, things have become more about gaining virtual control over people’s financial lives. In his statements to the Financial Times, a Wall Street banker noted that President Xi Jinping’s authoritative regime would use digital yuan or digital renminbi to bring people’s everyday transactions under its radar — a thing it is already doing via its strict internet policies.

“The [digital renminbi] is heavily about the [Chinese Communist] party’s ability to exercise control,” also said Samantha Hoffman, senior analyst at the Australian Strategic Policy Institute.

Such fears alone have prompted people to opt for Bitcoin. While every transaction on Bitcoin’s blockchain is traceable, its backers tend to hide behind gibberish alphanumeric identities, thus gaining a thin layer of security from regulatory watchdogs.

Snapshot of a live transaction on the Bitcoin network. Source: BTC.com

Nevertheless, they risk being traced if even one entity in their long chain of bitcoin transactions reveals itself either by using a wallet that has gone through a know-your-customer process or just by practicing human negligence.

But…

…despite its limitation, Bitcoin appears better than a digital yuan to many. Mr. Kiyosaki is one among them.

“I would rather have Bitcoin than government fake surveillance crypto,” he said Wednesday. “Buying more [of the cryptocurrency].”

Shark Tank investor and software entrepreneur Kevin O’Leary also said in an interview with CNBC that he would rather buy Bitcoin than China’s “blood money,” citing carbon issues related to the cryptocurrency mining process in the country.

Many also see Bitcoin as a de-facto Chinese currency. More than 65 percent of the cryptocurrency’s mining pools/companies operate from China, according to Statista, giving the Jinping regime unprecedented — and potential — access to its supply to the rest of the world.

According to Mr. O’Leary himself, investors remain concerned about China’s excessive control of Bitcoin. They remain put off by the cryptocurrency, he noted.

The cost of one Bitcoin has increased twofold in 2021 due to institutional interest. The cryptocurrency was trading shy of $57,000 at the time of this writing.

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