Rich Dad Poor Dad author Robert Kiyosaki has answered multiple questions about bitcoin and the U.S. dollar. Declaring that he is a bitcoin bull, the famous author said the cryptocurrency “is the perfect asset at the right time.” While acknowledging the possibility of bitcoin “going to zero,” he countered by suggesting that fiat currencies like the U.S. dollar, British pound, and Japanese yen could also face the same fate.
He calls the USD and other fiat currencies “giant Ponzi schemes.”
Robert Kiyosaki on Bitcoin, America, and US Dollar
The author of Rich Dad Poor Dad, Robert Kiyosaki, took to social media platform X on Tuesday to share some questions and answers about bitcoin, the U.S. dollar, and the U.S. economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Responding to the question “Are you a bitcoin bull?” he wrote:
Yes. Bitcoin is the perfect asset at the right time. I love bitcoin. Wish I had bought more earlier.
Kiyosaki also acknowledged concerns about bitcoin being a scam or a Ponzi scheme. However, he downplayed those fears, arguing that “bitcoin is not any more of a scam or a Ponzi scheme than the U.S. dollar, euro, yen, or any other ‘fake’ or fiat currency.” The famous author frequently criticizes fiat currencies, referring to them as “fake money.” In contrast, he views gold and silver as “God’s money” and bitcoin as “people’s money.”
The Rich Dad Poor Dad author asserted that the USD and other fiat currencies are “giant Ponzi schemes,” noting that “All the U.S. dollar is, is an IOU from America.” He explained that he is concerned about “Our U.S. political, banking, and financial leaders,” pointing out that “They are incompetent or corrupt or both.” Emphasizing that “Our leaders have no idea how to control the growing U.S. government debt and U.S. bond market, and over-inflated stock market,” Kiyosaki opined: “They have ripped off the American people and people of the world.” He further shared:
America is broke, printing $1 trillion every 90 days just to pay its bills. They should resign, be fired, impeached, or put in jail. All should have their college tuitions refunded. Obviously they learned nothing in school about money, ethics, honest, or morality.
When asked why he is optimistic about bitcoin, Kiyosaki replied: “Metcalf’s Law. Metcalf’s Law is a law about the power of ‘networks.’ Bitcoin, like the U.S. dollar, cell phone networks, and network marking business such as Amyway, gain their core value from the strength of their network system. That’s the reason Metcalf’s Law is important and why I am bullish about bitcoin and the U.S. dollar. Bitcoin has a strong network.”
He continued: “Most ‘new crypto-coins’ come off of the Ethereum platform. How many will do as well as bitcoin only time will tell? Most will die because they fail Metcalf’s Law, they fail to build a network. That would [be] like you belonging to a cell phone network with only you.”
Kiyosaki acknowledged the vulnerability of networks, stating that they “can be attacked.” He described: “The U.S. dollar network is constantly under attack from Russia and China’s BRICS, Belt and Road currency network.” He clarified that between the BRICS economic bloc and the U.S., the “stronger network” will win.
The acclaimed author was also asked whether bitcoin can “go to zero.” He replied:
Yes. It is possible just as it is possible for the U.S. dollar, Aussie dollar, England’s pound sterling, Japan’s yen, and any country’s fiat (fake) currencies can go to zero. In fact, history proves thousands of fake currencies have already gone to fiat money graveyards.
Finally, Kiyosaki was asked about what advice he would give. He replied: “The same as I have always advised. ‘Do not save fake fiat dollars. Save real gold or silver coins or bitcoin.’ Nothing I have been saying has changed. I follow my own advice. As I stated 27 years ago in my book Rich Dad Poor Dad, ‘Savers (of fake money)’ are losers. Please do not be a loser. Save real gold coins, real silver coins, and real bitcoins.”
He concluded: “Today, not only do I own gold and silver, U.S. gold and silver Eagles … I own gold and silver mines. Diversification is very important. I do not mine bitcoins.”