u.today
Vocal Bitcoin advocate Robert Kiyosaki, podcast host and investor famous for his classic book on managing personal finances "Rich Dad Poor Dad," has taken to the X social media app to share his impressions on rising inflation in the U.S.
He said he is shocked at how quickly and how high the prices are rising as inflation has struck. He feels safe since he has plenty of money to support himself and his business, and he says he feels for people who do not and therefore who cannot afford to follow his recommendation to buy Bitcoin.
Kiyosaki endorses Bitcoin as inflation unrolls
The author of the "Rich Dad Poor Dad" book said that, to him, the pace at which inflation is unrolling is nothing but shocking. He says he feels for those people who have difficulty paying for food, rent and fuel now and who cannot invest in Bitcoin, gold and silver on his recommendation either.
He blames the U.S. government, Federal Reserve and Treasury for the current situation with the economy. Over the past few years, Kiyosaki has been constantly critiquing the Fed for printing trillions of U.S. dollars, calling them fake money and referring to Bitcoin as the "People's money" (BTC cannot be printed like USD since its mysterious creator, Satoshi Nakamoto, programmed only 21 million BTC to be minted forever).
This year, the financial guru also began criticizing financial authorities for the rise of the U.S. national debt, which happened at a striking pace. In June, the U.S. president removed the "ceiling" for the U.S. debt, which already surpassed the $31 trillion mark and "let it go." Following this, the U.S. borrowed another $1.5 trillion and planned to add another trillion U.S. dollars to that amount.
Hyperinflation likely, Kiyosaki believes
In his recent tweets, Kiyosaki recalled the inflation in Germany that happened a hundred years ago and how it all ended dramatically for the whole world. He also urged the community to look at hyperinflation in Zimbabwe and prepare for a similar thing to strike the United States since he believes the country's leaders not to be competent in running the economy.
As for the current U.S. inflation, the official prediction at the start of the year was that it would fall to 3.7% after peaking at 6.2% last year. In October 2023, the inflation rate slowed down to 3.3% from the 3.7% that the country saw both in August and September.
Whatever happens and however bad the situation gets, Kiyosaki believes that Bitcoin, gold and silver remain the best assets to invest in. At the time of writing this article, the world's flagship cryptocurrency, Bitcoin, is changing hands at $37,490.
After another scheduled Bitcoin halving occurs in April-May next year, many experts expect BTC to surge. Some think the rise will constitute at least 6x, that is, BTC may reach $220,000, per their forecasts.