Last week during recording of a popular weekly podcast, Robert Kiyosaki, author of the best-selling Rich Dad, Poor Dad series of self-help books, called the US dollar a “scam”, declared that gold and diamonds are a “hedge fund” and described Bitcoin as the “people’s money.” Has Kiyosaki completely lost the plot, or is his screenplay for the future truly visionary?
How’s this for an opening salvo:
“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.”
Thus said world renowned author Robert Kiyosaki in an appearance on the “Sane Crypto Podcast” last week. Kiyosaki also told the show’s presenter Kim Hughes that he was convinced another major stock market crash was imminent.
“Fake: Fake Money, Fake Teachers, Fake Assets” by Robert Kiyosaki
Kiyosaki was appearing on the show to promote his new book, “Fake: Fake Money, Fake Teachers, Fake Assets”, which argues that during a major financial market collapse, fiat currency such as the dollar and sterling becomes perilously vulnerable, and it is therefore more sensible to invest ones savings into gold and cryptocurrency such as Bitcoin.
As Kiyosaki puts it:
“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.”
Kiyosaki makes the interesting (although unrealistic) argument that until the dollar returns to its “Gold Standard” era, most recently the pre-Richard Nixon era of the late 1960s, it is in effect worthless. The Gold Standard was America’s promise to its people that every dollar issued was backed up by the equivalent the country held in gold reserves. Kiyosaki dubs anyone who hoards large amounts of fiat currency as “losers.”
About Robert Kiyosaki
Robert Toru Kiyosaki was born in Hawaii 71 years ago to Japanese-American parents. His father was an academic and an educator, his mother a nurse. Kiyosaki attended the United States Merchant Marine Academy in New York, and after graduating, joined the US Marine Corps and piloted helicopter gunships during the Vietnam War.
Upon leaving the military in 1974, Kiyosaki began his career as an entrepreneur, citing a seminar he attended at that time given by business guru Werner Erhard as a pivotal, life-changing moment. In 1977 he opened a company called Rippers which produced the first ever nylon and Velcro surfer wallets. Despite early success and coverage in many mainstream magazines, Ripper went bankrupt, as did his next company, which sold merchandise for the many heavy metal bands of that era.
Ironically, Kiyosaki’s first success came about when he purchased EST (Erhard Seminars Training), the company which has staged his own epiphanal seminar. Changing EST into a business education company teaching entrepreneurship, he was able to sell it a decade later for a substantial profit.
Despite this success, it was clear that the way Kiyosaki was going, he wasn’t about to threaten the business empires of Warren Buffet and Richard Branson any time soon. Changing tack somewhat, in 1992 Kiyosaki decided to put some of his experiences into a book, “If You Want to Be Rich and Happy, Don’t Go To School”, which drew upon his time selling real estate. It was the first of 27 books Kiyosaki has written so far.
Five years later in 1997, Kiyosaki hit pay-dirt with his book Rich Dad, Poor Dad, a self-help book that advocates increasing one’s financial intelligence, building wealth through investing in assets, ultimately resulting in financial independence. The book has been a huge success, selling over 32 million copies, and has been translated into 51 languages.
In between his latest writing projects, Robert Kiyosaki travels the world giving seminars via his company Elite Legacy Education.