Rich Dad Poor Dad Author Says that Bitcoin Is Messing Into Fed's Territory
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Rich Dad Poor Dad Author Says that Bitcoin Is Messing Into Fed's Territory
Robert Kiyosaki, the author of the bestseller Rich Dad Poor Dad Review, has taken a somewhat reserved stance on Bitcoin’s ongoing feud with the Fed. The author whose book generated a revenue of about $80 million after reportedly selling over 32 million copies made certain remarks on Bitcoin’s battle with the Fed's Territory on October 22 during an interview with Bloomberg.
The David And The Goliath Battle
Kiyosaki has courted controversies in the past. Although his bestseller has acquired the status of one of the best personal finance books ever written, he has also been embroiled in several scandals. The most notable of these was the bankruptcy filing of his financial education firm in 2012.
During the interview, Kiyosaki reiterated his belief in investing assets such as oil, gold, and real estate. When asked about his take on the new asset classes, he said that he found it incredible for Bitcoin to take on the Fed's Territory and messing into their territory. He likened the situation to a hypothetical event of he taking on the McDonalds.
To Each, His Own
Kiyosaki suggested that his reservation against new investment avenues like Bitcoin and digital currencies was because of his lack of knowledge about cryptocurrencies. He said that he could barely use a cellphone. So it would be best for him to stay out of cryptocurrencies. However, he said that young and informed people were free to explore the prospects of Bitcoin and other cryptocurrencies.
Kiyosaki, a fierce critic of debt-driven corporate finance, also advocated for a deft and opportunistic approach to the systemic volatility that it generated as demonstrated by periods of boom and busts. During his interaction with Bloomberg, he predicted that the next downturn would be sparked by a crisis in the pension sector between 2022 and 2025.
From his interview, it became evident that advocates of Gold like Kiyosaki were some of the most vociferous critics of the interventionist policies adopted by the central bank.