The author of "Rich Dad Poor Dad," Robert Kiyosaki, a staunch supporter of Bitcoin (BTC), points out that educating children to work for inflationary currency from a young age is a "crime" and emphasizes the advantages of Bitcoin (BTC).
"Go to school, get a job, work hard, save, and then invest in a bunch of garbage 401(k)." Robert Kiyosaki said on a podcast hosted by Bitcoin co-founder Jordan Walker on Wednesday.
Robert Kiyosaki harshly criticizes central banks, calling them "criminal organizations" and even accusing them of having "Marxist" tendencies. He states that every time central banks print money, the rich get richer while other economic classes suffer.
The U.S. Bureau of Labor Statistics inflation calculator shows that from August 2000 to August 2005, the purchasing power of holding $1,000 decreased by nearly 47% due to inflation.
The Federal Reserve has set a 2% inflation target per year; however, since 2021, the agency has failed to maintain the inflation rate at that level. The overall inflation rate in August was 2.9%, while the core inflation rate was 3.2%.
Meanwhile, data from the CoinGecko platform shows that over the past five years, Bitcoin (BTC) has increased by more than 900%. Its price has risen from about $11,670 to the current approximately $117,200.
The American author stated that it took him a long time to understand Bitcoin (BTC), but he started buying in at $6,000 and currently holds 60 Bitcoins (BTC), worth about $7 million.
"When Bitcoin (BTC) first came out, it took me a long time to figure it out. For example, I bought in at $6,000, and I was still thinking, 'Why didn't I buy more, you fool?' But now, I don't have that many; I have about 60 Bitcoins (BTC)," Robert Kiyosaki said.
Robert Kiyosaki mentioned that he is now accumulating oil, gold, silver, Bitcoin (BTC), and Ethereum (ETH) with the income from rental properties.
In April of this year, Robert Kiyosaki predicted that Bitcoin (BTC) would reach the $1 million milestone in the next decade.
Despite his optimism about Bitcoin (BTC), Robert Kiyosaki has previously held a contrarian view on the asset, stating that "gold, silver, and Bitcoin (BTC) are also likely to crash," and at that time, he would start accumulating these assets more.
He also advised investors to be cautious of ETFs, as they are "paper assets" that can be easily damaged in a bank run. However, he acknowledged that ETFs are the most convenient way for retail investors to invest in assets.
Robert Kiyosaki's views on the podcast have some merit. Inflation, especially hyperinflation, erodes the purchasing power of ordinary people.
Interestingly, in countries where inflation erodes hard-earned wealth, people are increasingly inclined to protect their financial security through cryptocurrencies.
The people of Venezuela have begun using stablecoins in their daily lives, especially Tether (USDT), due to an annual inflation rate of 229%.
At the beginning of the year, 1 dollar could be exchanged for 51.95 Venezuelan bolivars. According to foreign exchange processing platform Xe, today the same 1 dollar can be exchanged for 161.74 Venezuelan bolivars.
Meanwhile, Saifedean Ammous, author of "The Bitcoin Standard," stated that investors will flock to the dollar and Bitcoin (BTC), and he expects the devaluation of the Argentine peso to lead people to sell that currency and the country's bonds.
Raoul Pal, co-founder and CEO of Real Vision, also urged investors to hold more cryptocurrencies and NFTs to prevent significant devaluation of currency value.
Related: Solana shows bullish signals again; similar historical patterns have triggered a 1300% surge in SOL.
Original: “Rich Dad Poor Dad: Kids Brainwashed to be Slaves to 'Fake Money'”
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