It was hard to miss the recent tweets from the newly discovered bitcoin bull Robert “Rich Dad” Kiyosaki. The Vietnam veteran, best known for his book “Rich Dad Poor Dad” on financial well-being and success, has recently promoted Bitcoin, the leading cryptocurrency, and gold and silver. The reason is simple: The Federal Reserve, the central bank of the United States, is taking increasingly dramatic measures to prevent the global economy from falling.
Why the Rich Dad, Poor Dad author is so bullish on Bitcoin
As the outbreak of the corona virus spread worldwide, governments and central banks around the world have pulled out all the stops to contain the economic impact of the virus.The U.S. Federal Reserve has rushed billions of dollars to save companies by buying their debts and adding liquidity to the capital markets. This collective surge has not gone unnoticed. The prominent financial educator added that against this backdrop, he thought it wise to “buy more gold, silver, and bitcoin.”
Kiyosaki’s thesis behind these statements is that precious metals and BTC are scarce, unlike fiat money that can be printed by those in power. In addition, as he aptly put it earlier this month, Bitcoin is the “money of the people”.