When Robert Kiyosaki, along with Sharon Lechter, published Rich Dad, Poor Dad in 1997, he changed the way people looked at investing, real estate, and entrepreneurship. The book was more than a self-help — it contained financial advice given in parables.
Kiyosaki writes in the book that he has acquired all the financial knowledge through his friend’s father, the rich dad. Contrary to him, his own dad — poor dad — worked hard all his life but couldn’t create financial security for himself. The book has sold more than 32M copies worldwide in the last 25 years. And now, Kiyosaki has gone forward and warned the world that the dollar, gold and real estate will crash due to the fiscal reserve policies.
However, as a good financial advisor and teacher, he has a solution as well. It’s simple: Bitcoin. Kiyosaki stated that investors could store their wealth in Bitcoin, noting that the flagship cryptocurrency protects wealth as it is a good ‘store of value’.
It won’t be surprising if investors flock towards Bitcoin (BTC), Avalanche (AVAX) or Big Eyes Coin (BIG) instead of buying stocks of coca-cola or investing in pricey real estate.
Kiyosaki’s Thoughts On Bitcoin
The rich dad of cryptocurrencies, Bitcoin, paved the way for the endless influx of new coins such as Ethereum, Cardano, Avalanche, and more. Bitcoin also inspired meme coins like Dogecoin, which was essentially launched to mock cryptocurrencies. Ironically, Dogecoin’s market cap rose to over $84B, making it one of the most valuable meme coins in the market.
And now, after 14 years of its launch, Bitcoin is proving to be one of the only ways out of the economic crisis. Kiyosaki believes that people will have to adapt to new ways to survive the financial crash. Adopting Bitcoin will not create income, he believes. As people will have to find side hustles. However, Bitcoin will protect people’s current wealth.
Stocks, bonds and real estate will crash, he insists. The reason for this is that the Fed Reserve continues to raise interest rates, and it “will kill the economy”, Kiyosaki tweeted.
Why Bitcoin Matters?
The amount of money invested in Bitcoin, close to $30B at the time of writing, makes it impossible for the crypto to go obsolete or nil. Moreover, Bitcoin makes it easier to exchange money or assets between unknown parties. Because the transactions will be mined on a robust blockchain, it minimises any chances of fraud or scam.
The left and liberal front of every country has especially admired Bitcoin for its decentralisation. It dissolves the need for any intermediary between transactions, challenging the governments and the traditional financial system.
Apart from the developed countries, there are many regions where banking systems are still not robust. They lack technology, manpower and expertise. Bitcoin provides a way out of the mess in such fractured economies.
Major retailers are experimenting in the crypto space. Gucci, KFC, Microsoft, and more have started accepting Bitcoin as an alternative method of payment. Just last year, TIME Magazine’s President, Keith A. Grossman, announced that he will be accepting his salary in Bitcoin.
Are There Alternatives To Bitcoin?
Certainly. If the world ran out of alternatives, the economy would collapse. As regular milk has alternatives such as almond milk and oat milk, Bitcoin has plenty.
Ethereum was launched to solve the problems that Bitcoin didn’t have an answer to. At its core, Ethereum is a decentralised global software platform powered by blockchain technology. It is most commonly known for its native cryptocurrency, ether (ETH). Many contemporary cryptocurrencies are running on the Ethereum blockchain as it provides a platform to create dApps and run ledgers with minimal fuss.
Another alternative to Bitcoin, according to market analysts, is Big Eyes Coin (BIG). A fairly new token in the market, Big Eyes Coin is a community-driven meme token that intends to put wealth in the DeFi (Decentralised Finance) ecosystem.
Compared to Bitcoin, Big Eyes Coin wins in the race for social responsibility. Critics have panned the mining process of Bitcoin as it contributes to global warming. On the other hand, Big Eyes Coin realises its responsibility towards the natural ecosystem. The meme token has pledged to donate a significant portion of wallet profits towards ocean preservation projects.
To Sum Up
According to R. Kiyosaki, the bestselling author, the world might soon face an economic crisis like never before. He has tightened his belts to grapple with the situation, and he advises the same to other investors who are looking to lead a stable life.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.