During the current world financial crisis caused by the Coronavirus, there are personalities and celebrities who recommend taking refuge in Bitcoin. Among them, there is one in particular who is determined to make it look like a life and death decision: billionaire Robert Kiyosaki.
Who Is Robert Kiyosaki?
First, he is best known as the author of Rich Dad Poor Dad, the translation is “Rich Dad, Poor Dad”. The number one personal finance book of all time.
On the other hand, the titles of his other books rank four of the top ten in sales. In addition, he is an educational entrepreneur and real estate mogul, founder of the financial education company Rich Dad.
For its part, “Rich Dad Poor Dad” is a book that advocates financial independence and wealth creation. Through investment in assets and real estate investment.
It should be noted that, in his books, Robert Kiyosaki explains that the approach of any person should be oriented towards investments that generate some type of return. Very important, to the point of becoming a sustainable system of wealth generation.
In summary, Kiyosaki recommends:
- Change the mindset.
- Learn and educate yourself online with professors of well-known reputation and expertise.
- Create an enterprise that generates jobs instead of getting a job.
- Take advantage of entrepreneurial status to pay less taxes.
- Save in gold or Bitcoin.
However, the fifth tip is the most curious of the list. Kiyosaki encourages his followers to save on gold or Bitcoin.
Robert Kiyosaki’s criticism of Bitcoin
Kiyosaki has been criticizing lately about the response of the Federal Reserve (FED) to the economic damage caused by the COVID-19 pandemic.
In which the FED has done nothing but print billions and billions of dollars since the beginning of the pandemic, which has awakened all the old ghosts of the great world inflation, already extinct for decades, except for countries like Venezuela and Argentina.
In short, the author of these best-sellers has urged his large following, on social media platforms like Twitter and YouTube, to protect themselves in the future by safeguarding their savings in fiat money at banks, or under their mattresses in silver and gold, but mainly in Bitcoin.
For example, this is what he shared on May 19:
In his tweet, Kiyosaki has reaffirmed his belief that assets such as gold, silver and Bitcoin (BTC) would be the saviors of investors during this crisis. In this regard, Kiyosaki said:
“All cities have income taxes, sales taxes, and real estate taxes. Get gold, silver, Bitcoin and save yourself“
Dennis Gartman withdraws his investment in metal
In addition to this, on Tuesday, Kiyosaki shared a tweet saying that he has decided to stop investing in gold. After learning that respected gold defender Dennis Gartman withdrew his investment in the metal.
This is an important rule in the world of finance, if an important character, who has defended an asset for years, abandons his positions, you should think that perhaps he knows something, or anticipates something, that you have not thought about.
Ultimately, Kiyosaki’s comments on Twitter were in response to an interview Dennis Gartman gave to Bloomberg.
Consequently, Peter Schiff intervened in response to Kiyosaki by suggesting that Gartman “was never really in gold” Investors should instead sell their Bitcoin for “this fool’s meeting“
After centuries of a booming industry, it looks like gold has come to an end as a store of value and Bitcoin could be the next target for people like Dennis Gartman.
Who’s Dennis Gartman?
Dennis Gartman has been posting his opinion on his portal The Gartman Letter since 1987. He has also conducted numerous presentations and courses on capital and derivatives markets issues for various brokerage houses, central banks, and United States government entities.
In recent years, Gartman has been a frequent guest on major television and radio financial networks.
I close with this quote from Robert Kiyosaki: “The reason I approve of Bitcoin is because it is not part of the system“
Would you follow Robert Kiyosaki’s advice on taking refuge in Bitcoin? Leave us your opinion in the comment box.