The famous author of the bestselling book Rich Dad Poor Dad, Robert Kiyosaki, has made dire predictions about the economy and the future of cryptocurrency. Along with warning that we are in the biggest bubble in world history, Kiyosaki predicted that the government will seize all cryptocurrencies.
Robert Kiyosaki warns of the biggest bubble, depression and hyperinflation
Rich Dad Poor Dad author Robert Kiyosaki has made several dire predictions and dire warnings over the past two days.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times bestseller list for more than six years. Over 32 million copies of the book have been sold in over 51 languages in over 109 countries.
On Tuesday, he tweeted to his 1.8 million followers: “Do you have a plan B?”
The famous author went on to warn that we are in the biggest bubble in world history, citing bubbles in stocks, real estate, commodities and oil. Regarding the future outlook, he warned of hyperinflation and depression. Kiyosaki tweeted:
We are in the biggest bubble in the history of the world. Bubbles in equities, real estate, commodities & oil… Future? possible depression with hyperinflation.
He then explained that his plan B was “to be an entrepreneur”. Specifically, “stay out of [the] stock market, create your own wealth, [and] use debt as $,” he wrote.
This is not the first time that the famous author has warned against depression. In December last year, he also predicted that a depression was brewing.
Kiyosaki has often tweeted accusing President Joe Biden, his administration and the Federal Reserve of high inflation and the destruction of the US dollar. Last week, author Rich Dad Poor Dad advised investors how to take advantage of inflation and invest like a capitalist.
Kiyosaki warns against government seizing all cryptocurrencies and absorbing them into the ‘Crypto Fed’
Until Tuesday, Kiyosaki was bullish on bitcoin. He often recommended buying gold, silver and bitcoin as a hedge against inflation
However, he tweeted on Tuesday morning that he expects the US government to seize all cryptocurrencies.
He explained that after President Biden signs an executive order regulating cryptocurrencies, the next step would be to launch a “Crypto Fed.” After that, he thinks all cryptocurrencies will be seized and integrated into government crypto. “Goodbye bitcoin,” he wrote.
Kiyosaki’s crypto prediction was heavily criticized in the crypto community, with many pointing out that he should have waited to see what is actually in the executive order before recklessly speculating on it.
Many people believe that President Biden’s executive order is very positive for the crypto industry. Jerry Brito, executive director of DC-based think tank Coin Center, commented:
The message I take away from this executive order is that the federal government views cryptocurrency as a legitimate, serious, and important part of the economy and society.
Additionally, decentralized cryptocurrencies, like bitcoin and ether, cannot be frozen or seized directly within the network. US Senator Ted Cruz recently described, “One of the reasons I’m so bullish on bitcoin is that it’s decentralized and uncontrollable.”
What do you think of Robert Kiyosaki’s warnings? Let us know in the comments section below.
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