Rich Dad Poor Dad author Robert Kiyosaki, a strong proponent for Bitcoin, says it is “criminal” that kids are being taught from a young age to work for an inflationary currency while arguing the virtues of Bitcoin.
“Poor people are poor because they have no idea what real money is. And so our academic system, you know, my poor dad, professors, they indoctrinate and they train kids, young people even today to work for fake money.”
“Go to school, get a job, work hard, save money, and invest in a 401(k) full of garbage,” Kiyosaki said during a podcast hosted by Bitcoin Collective Co-Founder Jordan Walker on Wednesday.
Kiyosaki pulled no punches as he lambasted central banks, equating them to “criminal organizations” and even calling them “Marxists,” as he says that every time central banks print money, it makes the rich richer, while the other economic classes suffer.
“So every time you print money, you print this fake stuff here. Guys like me get richer, but the poor middle class get poorer.”
According to the US Bureau of Labor Statistics’ headline inflation calculator, a person holding $1,000 from August, 2000 to August, 2005 has lost nearly 47% of their purchasing power due to headline inflation.
The Federal Reserve has set a target of 2% inflation per year; however, since 2021, the agency has not managed to get inflation to that mark. August’s headline inflation came in at 2.9%, while core inflation stood at 3.2%.
Meanwhile, BTC has rallied more than 900% in the past five years, from around $11.670 to approximately $117,200 at the time of writing, according to CoinGecko.
Robert Kiyosaki wishes he had more than 60 Bitcoin
The American author stated that it took him a long time to understand Bitcoin, but he started buying Bitcoin at the $6,000 mark and currently holds 60 BTC, worth around $7 million.
“And Bitcoin, when it came out, it took me a while to figure it out. Like I bought it at $6,000, and I’m still saying, ‘Why didn’t you buy more, asshole?’ But today, I don’t have that many. I have about 60 Bitcoin, you know.” Kiyosaki said.
Kiyosaki said he now uses the proceeds from his rental properties to accumulate oil, gold, silver, Bitcoin and Ethereum.
In April, Kiyosaki predicted that Bitcoin would reach the $1 million milestone by the next decade.
Despite being bullish on BTC, Kiyosaki had previously taken a contrarian view on the asset, saying that “odds are gold, silver, and Bitcoin will bust too,” and that’s when he will start accumulating more of these assets.
He further advised investors to be cautious of ETFs, as these are “paper assets” and are thus vulnerable to a bank run; however, the American author admitted that ETFs are the easiest way for retail investors to invest in assets.
Countries suffering from inflation
Kiyosaki’s claims in the podcast have some merit. Inflation, especially hyperinflation, erodes the purchasing power of ordinary people.
Interestingly, people in nations where inflation is eating away at their hard-earned money increasingly turn to crypto to protect themselves financially.
Related: Bitcoin’s role as an inflation hedge depends on where one lives — Analyst
The people of Venezuela have begun using stablecoins, especially Tether (USDT), as part of their daily life, as the annual inflation rate touched 229%.
At the start of the year, one US dollar could be traded for 51.95 Venezuelan Bolívar. Today, the same dollar can buy 161.74 Venezuelan Bolívar, according to foreign exchange processor Xe.
Meanwhile, the Bitcoin Standard author Saifedean Ammous has stated that investors will flock towards the US dollar and Bitcoin, as he expects the Argentine peso’s devaluation will cause people to dump the currency and the country’s bonds.
Real Vision co-founder and CEO Raoul Pal has also called on investors to hold more crypto and NFTs to protect themselves from exponential currency debasement.
Magazine: Bitcoin mining industry ‘going to be dead in 2 years’: Bit Digital CEO
.jpg){kind=link}