Renowned author Robert Kiyosaki, famous for his book Rich Dad Poor Dad, has recently shed light on why he believes owning bitcoin is crucial. Kiyosaki argues that the cryptocurrency serves as a safeguard against the theft of wealth through the manipulation of traditional financial systems. In particular, he highlights the actions of the Federal Reserve, government entities, and Wall Street bankers, who he claims exploit inflation, taxation, and stock price manipulation to erode individual wealth.
Rich Dad Poor Dad: A Global Phenomenon
Rich Dad Poor Dad, co-authored by Robert Kiyosaki and Sharon Lechter, has achieved immense success since its publication in 1997. The book has remained on the New York Times Best Seller List for over six years and has sold over 32 million copies worldwide. Translated into 51 languages and distributed across 109 countries, it continues to captivate readers with its financial insights.
Kiyosaki recently took to the social media platform X to share his thoughts:
"Why I own bitcoin. Bitcoin is protection against the theft of our wealth via our money."
He further explains his reasoning behind favoring bitcoin over traditional investments:
"Fed Chairman Powell, Treasury Secretary Yellen, and Wall Street bankers steal our wealth via our money, specifically via inflation, taxation, and stock price manipulation. That is why I save and invest in bitcoin, not stocks, bonds, and fake dollars."
Constant Warnings Against Financial Institutions
Kiyosaki consistently warns about the detrimental effects of the Federal Reserve, the Biden administration, and Wall Street bankers on the U.S. economy, the U.S. dollar, and the American people. He considers fiat money to be "fake money" and has repeatedly emphasized the potential downfall of the U.S. dollar. In contrast, he views bitcoin as "people's money," while gold and silver hold the status of "God's money."
Recently, Kiyosaki expressed his dissatisfaction with the U.S. court system, specifically questioning the judge overseeing former President Donald Trump's trial. He raised concerns about the judge's dual role as both a prosecutor and a judge, stating:
"If the judge is prosecuting attorney and the presiding judge, then the judge presides over a Kangaroo Court. America is finished if our courts are for Kangaroos."
Following the judge's decision to award $83.3 million against Trump, Kiyosaki reiterated his belief:
"America is finished."
While Kiyosaki consistently promotes bitcoin, gold, and silver as sound investments, he humbly admits during his Rich Dad podcast that he lacks extensive knowledge about bitcoin itself. However, he acknowledges the involvement of intelligent individuals in the cryptocurrency and expresses gratitude for purchasing it early. In fact, he recently predicted that the price of bitcoin will soar to $150,000 in the near future.
What are your thoughts on Robert Kiyosaki's viewpoints? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
Should You Get Gold?
Gold was once considered an investment safe haven during times of economic crisis. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.
This could be changing, according to some experts. According to them, gold prices could soar if there is another financial crisis.
They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.
Consider these things if you are thinking of investing in gold.
- Consider whether you will actually need the money that you are saving for retirement. You can save for retirement and not invest your savings in gold. However, you can still save for retirement without putting your savings into gold.
- Second, ensure you fully understand the risks involved in buying gold. Each type offers varying levels and levels of security.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. If you lose your gold coins, you may never recover them.
If you are thinking of buying gold, do your research. And if you already own gold, ensure you're doing everything possible to protect it.
Are gold investments a good idea for an IRA?
Any person looking to save money is well-served by gold. It can be used to diversify your portfolio. But there is more to gold than meets the eye.
It's been used as a form of payment throughout history. It's often referred to as “the world's oldest currency.”
But gold is mined from the earth, unlike paper currencies that governments create. It's hard to find and very rare, making it extremely valuable.
The supply and demand factors determine how much gold is worth. When the economy is strong, people tend to spend more money, which means fewer people mine gold. The result is that gold's value increases.
On the flipside, people may save cash rather than spend it when the economy slows. This increases the production of gold, which in turn drives down its value.
This is why investing in gold makes sense for individuals and businesses. You'll reap the benefits of investing in gold when the economy grows.
In addition to earning interest on your investments, this will allow you to grow your wealth. Additionally, you won't lose cash if the gold price falls.
What is a Precious Metal IRA, and how can you get one?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These are “precious metals” because they are hard to find, and therefore very valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Precious metals often refer to themselves as “bullion.” Bullion refers actually to the metal.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This will ensure that you receive annual dividends.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you pay a small percentage tax on the gains. Plus, you can access your funds whenever you like.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
