American investor and author of the book “Rich Dad, Poor Dad” Robert Kiyosaki explained why Bitcoin “will put an end” to fiat currencies, in particular the US dollar.
In an episode of The Rich Dad Channel podcast, the writer discussed cryptocurrencies with Pomp Investments founder Anthony Pompliano. Kiyosaki said the world is heading for a financial catastrophe, and artificial intelligence (AI) is accelerating the collapse. According to the writer, one day people will find that the doors of banks are closed, because it is the bankers who are destroying the economy, because they hold “fake money” — government currencies.
“It’s not about Bitcoin, it’s about how incompetent our political leaders are. I call them the three stooges: President Joe Biden, Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen. They just keep printing more money and increasing the national debt. I think we’re at the end of the road,” Kiyosaki said.
Unlike conventional money, the supply of Bitcoin is limited to 21 million coins, and since there is a finite number, demand for Bitcoin is growing, the investor reminded. According to him, Bitcoin complies with Metcalfe’s Law, which states that the financial value or influence of a network is proportional to the square of the number of users of the system. Network marketing is a powerful force, like McDonald’s, and Bitcoin is also a network, the writer reasoned. In addition, the Bitcoin blockchain is transparent and open to the entire world.
“Bitcoin is number one, so I don’t sell it. Who is number two? Nobody knows,” Robert Kiyosaki added.
Earlier, the American entrepreneur urged investors not to rely on government bonds even during an economic crisis. Kiyosaki announced that bonds are a form of debt, so they will not be able to support the economy for long.
