World-renowned entrepreneur and author Robert Kiyosaki has revealed that he buys more bitcoins because he does not trust the US dollar, which he labeled “fake”.
Kiyosaki, the best-selling author of Rich Dad Poor Dad, issued a dire warning about the weakening of the US dollar during a revision. Interview Together Kitco News.
Citing aspects such as excessive printing, the American entrepreneur argued that the days of the US dollar as the world’s reserve currency are numbered. “The dollar was as good as gold, all that has changed, and today, we are in serious trouble globally, and I am very concerned that the end of the American empire has come,” he said.
In contrast, Kiyosaki said he believes in the lasting value of bitcoin and other precious metals like gold and silver. He noted that even when bitcoin crashes, it comes “roaring back”, proving that the dominant cryptocurrency has stability.
“When I saw bitcoin go to $20,000, I don’t know when it was, then it bottomed out. But then it came roaring back… So the more I’m in it the more I realize it has stability. So the reason people buy bitcoin is the same reason I buy it [silver], and i buy it [gold], i don’t trust it [dollar bills],
Kiyosaki has long been an advocate of bitcoin, preferring the leading cryptocurrency over other altcoins. Earlier this year, he revealed He is getting more BTC because it is classified as a commodity like gold and silver while other altcoins are classified as securities “and SEC regulations will crush most of them.”
The best-selling author also continues to make wild predictions about the price of bitcoin. Earlier this month, he predicted that the price of bitcoin would reach $500,000 by 2025.
Bitcoin continues to soar despite regulatory crackdown
The flagship cryptocurrency has been on an upward trajectory of late, despite a flurry of aggressive regulatory actions from US authorities. According to data from CoinGecko, bitcoin is up more than 14% over the past two weeks.
Brian Courshen, founder and CEO of asset manager DAIM for cryptocurrencies and traditional equities, pointed out that the flagship cryptocurrency appreciated by more than 15% in the past week. He added that while such movements are not prevalent in Tradefy, they are a “fairly common occurrence” in crypto markets.
“In fact from 2017 to 2021 bitcoin experienced at least 5 such weeks each year and more than 6 on average,” Courchen said in a comment.
“So you could say we were overdue for the recent rally that saw us catapult from $17k to $23k in January. While history doesn’t necessarily repeat, we think we are where we are in terms of the price and halving cycle. Given that, it’s not unreasonable to expect even bigger weeks ahead.”
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