Robert Kiyosaki, businessman, and author of international bestseller Rich Dad Poor Dad, advised the public to ditch the “Fake Dollar” and invest money in Bitcoin and such digital assets. A prominent financial guru, widely known for his acumen in the field of financial management, requested people through his twitter account to avoid buying the dollar and look for other alternatives.
Lesson 5. SAVE MONEY: RU NUTS? Why save money when QE FED counterfeiting is printing trillions of fake dollars-$82 billion a month to $125 billion a day? Why save when ZIRP, zero interest policy pays losers zero? Save gold-god’s money or Bitcoin-people’s money.
— therealkiyosaki (@theRealKiyosaki) April 1, 2020
Impact of $2.2 trillion Stimulus Package
To effectively deal with the ongoing crisis triggered by the outbreak of Coronavirus, The US government, under President Donald Trump administration, signed a historic stimulus bill of massive $2.2 trillion. This had put additional pressure on Federal reserve to mind more dollars a day to manage the required amount of money.
Robert Kiyosaki has drawn the attention of readers toward this act of the US government that will result in losing the value of the dollar. He termed this huge amount of dollar expected to be printed as an act of counterfeiting. Furthermore, he concluded the US currency as ‘Fake Dollar” considers the tremendous increase in the printing of the dollar on a daily basis.
Bitcoin – People’s Money
While warning about reducing the value of the dollar, the author of Rich Dad Poor Dad signified the Bitcoin, the first cryptocurrency as a ‘People’s Money.’ The Bitcoin reserve is limited, and it can not be increased by any means. Therefore it can not be generated in the desired amount if needed. He termed Gold as ‘God’s money’ as the same limitations of Bitcoin apply to this precious metal.
Considering the massive increase of fiat money, precious metals like Gold and cryptocurrency are more scarce. While the increase of supply in the dollar will negatively impact its overall value, the upcoming halving event of Bitcoin will cut its production by Half overnight. It will further reduce the supply leading to an increase in price due to high demand.