‘Rich Dad, Poor Dad’ Author Is Bullish on Bitcoin, Says USD Is a Scam

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August 13, 2018 1:23 AM UTC

Robert Kiyosaki, the author of the famous financial self-help book Rich Dad, Poor Dad, has described the US dollar as a scam, declaring that bitcoin and other cryptocurrencies are “currencies of the people” that will outlive fiat currency.

‘The Dollar is Toast’

Speaking with Kim Hughes on the Sane Crypto Podcast in which he excoriated the dollar, Kiyosaki also predicted an imminent stock market crash.

In his words:

“The US Dollar is a scam…I think the dollar is toast because gold and silver and cybercurrency are going to take it out…The US Dollar is gone…In the year 2000 there was one currency, the US Dollar. It was called the reserve currency of the world…and then came bitcoin or cybercurrency.”

Discussing his new book, Fake: Fake Money, Fake Teachers, Fake Assets, Kiyosaki revealed that he wrote about how gold, bitcoin, and other cryptocurrencies are a better hedge against an impending collapse of the financial market.

He said:

“In my new book… I talk about the three types of money today: God’s money, which is gold and silver, government’s money which is fiat currency, which is done by government decree which is the dollar… Then there’s the people’s money, which is cybercurrency on the blockchain technology. Gold is a hedge and I am expecting a collapse on the system…[and] which is why you are into cybercurrencies now… bitcoin and ethereum.”

Going further, he expressed a series of typically controversial financial opinions including a description of fiat currency savers as “losers” and calling for a return of the gold standard to the dollar following its 1971 removal by President Richard Nixon.

Doomsday Preacher?

Kiyosaki is no stranger to such opinions, having previously stated in an interview that another crash that will be “the biggest of all” is on its way following the crashes of 2000 and 2008.

He is not the only prominent public figure to hold similar opinions about fiat currency in comparison to bitcoin and cryptos. CCN.com reported in 2017 that Apple co-founder Steve Wozniak asserted that bitcoin is superior to USD, which he referred to as “kind of phony.”

Bill Gates and former Goldman Sachs manager Nomi Prins have also predicted a financial market crash, though they have not publicly expressed a preference for bitcoin or cryptos. Gates in particular has been bearish on bitcoin in recent interviews.

In April, when asked if the U.S. will have another financial crisis like that of 2008, Gates responded in the affirmative, describing it as a “certainty” despite being difficult to time.

Featured Image from Facebook/Robert Kiyosaki

Last modified: June 14, 2020 11:04 AM UTC

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David Hundeyin @DavidHundeyin

I am a busy Nigerian writer, journalist and writer with an interest in tech and finance. When I'm not contributing to CCN and traveling around Africa, you can catch me contributing to CNN Africa, or in the writers room at 'The Other News', Nigeria's weekly answer to 'The Daily Show' with nearly 2 million viewers. My work on 'The Other News' was featured in the New Yorker Magazine, and that was then cited in the Washington Post so I'm not sure that counts as a feature but I'll definitely mention it too! I have been nominated by the US State Department to take part in the 2019 Edward R. Murrow Program for journalists under the International Visitors Leadership Program. I also like hamsters. You can reach me on Twitter at _David_Hundeyin