'Rich Dad Poor Dad' Author Issues Crucial 'Fake USD' Warning to Investors

U.Today - Robert Kiyosaki is famous as an investor and the author of the popular book on asset management, “Rich Dad Poor Dad.” Today, he addressed his millions of X followers to discuss an important issue.

Exposing "fake" U.S. dollarKiyosaki once again drew the attention of the community to the fact that the U.S. dollar is no longer what it used to be. In 1971, he tweeted, U.S. President Richard Nixon deprived the dollar of its gold backing, and since then, “the US dollar was propped up via US Treasuries and bonds,” Kiyosaki stated. After that, he says, the U.S. dollar became “fake.”

Then he referred readers to his aforementioned book, “Rich Dad Poor Dad,” and some of the important statements about the U.S. dollar and other assets that used to hold up the U.S. economy in the past.

In those pieces of advice, Kiyosaki stated that truly rich people do not save “fake US dollars” and that “your house is not an asset.” The third pieces of advice, which mirrored the first one, was essentially, “Savers are losers.” Since the dollar is not backed by gold and has been greatly devalued over the past decades, it is pointless to save dollars, and a house is not an asset since real estate can easily crash (as happened in the 2008 crisis, when the mortgage bonds’ market collapsed); besides, when receiving a mortgage, one gets in long-term debt with the bank.

Kiyosaki believes that financial education is very important since it helps one to navigate the sea of finance and withstand multiple difficulties and crises that often rise in this easily changeable sphere.

"I will be buying all the Bitcoin I can"Over the weekend, Kiyosaki also published a tweet about the financial crisis of 2008, saying that, back then, “the criminals at the Fed and Treasury” began to print trillions of dollars not backed by anything as they attempted to stop the upcoming depression. Perhaps a repetition of the Great Depression was avoided, he admits.

Kiyosaki believes that the most stable assets are gold, silver and Bitcoin. Even they can crash, though, he admits. However, he tweeted that he would still continue to by BTC cheaply: “Obviously, I will be buying all the Bitcoin I can, as well as other assets, at bargain basement prices.”

Source: Investing.com