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Move Over Bitcoin, Robert Kiyosaki defends investment in Ethereum
In a recent episode of the popular podcast ‘The Rich Dad Channel’, Robert Kiyosakiauthor of the renowned book “Rich Dad, Poor Dad”, advocated investments in crypto, specifically Ethereum and Bitcoin. The financial expert shed light on the declining value of the United States dollar (USD), emphasizing the potential start of a market crash.
Ethereum will serve as protection against currency depreciation
During the podcast, speaking with Andy Schectman, President and Owner of Miles Franklin, Precious Metals, Kiyosaki discussed the importance of investing and saving in digital currencies, suggesting that cryptocurrencies could be a possible protection against risks associated with fiat currencies, particularly the US dollar.
The financial expert, who has long advocated digital currencies, has consistently encouraged investors to allocate funds to crypto assets in order to safeguard your wealth against inflation and other economic conditions.
While acknowledging his limited knowledge of Bitcoin, the world’s largest cryptocurrency, Kiyosaki also expressed his support for Ethereum, as well as other precious metals like gold and silver during his podcast. He conveyed his belief that the declining value of the US dollar will further deteriorate over time as the the debt crisis worsens.
Furthermore, Kiyosaki revealed that he avoids saving his funds in fiat currency, emphasizing that “savers were losers”. Furthermore, he revealed that he started saving Bitcoin approximately 10 years ago and more recently expanded to Ethereum.
The financial expert reiterated his skepticism regarding the credibility of the US dollarcalling it “false” and argued that the broader financial community diversify assets into tangible resources such as gold and silver, as well as digital currencies such as Ethereum and Bitcoin.
Furthermore, Kiyosaki emphasized that there was no need for the crypto community debate the relative value of Bitcoin over gold or silver. He emphasized that the crucial point was to diversify into a valuable asset that would not depreciate like the US dollar.
“Don’t save money, fake money (US dollar, euro, yen, peso) loses value. Save gold, silver, Bitcoin, real money that increases in value, especially in a market crash,” Kiyosaki stated in an X (formerly Twitter) post.
Kiyosaki loses faith in the US dollar
On the podcast, Kiyosaki declared that he had lost faith in the US dollar, citing market vulnerabilities and crippling debt totaling trillions of dollars. The financial author released in a post X in late April that the American economy was currently experiencing a depression.
He revealed that the economy has witnessed below-average growth in recent years, with growth rates of just 3.4% and 1.6% in the fourth quarter of 2023 and the first quarter of 2024, respectively. Kiyosaki too warned that the broader market crash had begunemphasizing that “crises were the best time to get rich” and urging investors to capitalize on the opportunity by investing when prices reach their lowest level.
ETH price makes its way above $3,000 | Source: ETHUSD on Tradingview.com
Featured image from Inside Bitcoins, chart from Tradingview.com