“Save Yourself” With Bitcoin and Gold: “Rich Dad Poor Dad” Author


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Bitcoin & Gold

Bitcoin and the equities market may have both mounted rapid comebacks from their March lows, but there remain economic storm clouds brewing on the horizon. As Jerome Powell, chairman of the Federal Reserve, explained in a recent speech, the ongoing recession caused by the COVID-19 outbreak is one “without modern precedent.”

The rate of COVID-19 infections is slowing in many places, yet many of the world’s largest economies remain in lockdown, with spending coming to a standstill as dozens of millions have become unemployed. Governments have been forced to act, injecting billions upon billions into their respective economies to ensure the stability of society.

The issue is, due to an absence in spending, tax collections have plummeted while government spending has increased, leaving sovereigns with rapidly increasing deficits. It’s a trend that many say proves the value of Bitcoin, gold, and other “hard” assets.

Bitcoin to Boom as “USA Goes Broke”: Robert Kiyosaki

It’s been hard to miss Robert “Rich Dad” Kiyosaki’s tweets over the past few months.

The prominent financial educator and entrepreneur, best known for his book “Rich Dad Poor Dad,” has issued tweet after tweet (in all caps) calling out Wall Street, the government, our central banks, and about any other financial and fiscal institution in authority.

In doing so, he’s also promoted Bitcoin, gold, and silver, which he claims are “real” forms of money in a world of fiat currencies, which he has dubbed “fake money.”

Kiyosaki made this much clear in a tweet on May 19th, in which he remarked that due to the decrease in tax receipts and increased spending, the “USA [is] GOING BROKE.” The response, the financial educator said, is to “get gold, silver, Bitcoin” to “SAVE YOUR SELF”

This comes shortly after he remarked that the failing economy and money printing by central banks will push Bitcoin towards $75,000 in the following three years. This is actually a mild price prediction when compared to what other prominent investors think Bitcoin will trade at in the coming years.

He’s Not Wrong; Other Analysts Agree WIth His Assessment

While Kiyosaki’s comment was obviously jazzed up, so to say, other analysts are coming to the same conclusion that he is: as the world’s governments build up massive deficits to mitigate the economic impact of COVID-19, they are proving the case for the decentralized and scarce Bitcoin.

In an extensive research note titled “Demand is Coming” published this week, crypto fund BlockTower Capital explained that the “macro case for Bitcoin has never been more obvious.”

While they cited many reasons to back up this claim, the argument came down to one central trend: money printing.

The firm explained that the Federal Reserve has lost the public trust and is promoting the inflation of the dollar by continuing to print trillions and dropping interest rates to 0%. Decreased faith in and the debasement of fiat money should increase demand for Bitcoin, BlockTower postulated.

Parker Lewis of Unchained Capital summed up this narrative well when he wrote the following in a recent essay on Bitcoin’s role in the ongoing macroeconomic crisis:

When governments and central banks can no longer create money out of thin air, it will become crystal clear that backdoor monetary inflation was always just a ruse to allocate resources for which no one was actually willing to be taxed. In common sense, there is no question. There may be debate but bitcoin is the inevitable path forward.

The post “Save Yourself” With Bitcoin and Gold: “Rich Dad Poor Dad” Author appeared first on Blockonomi.

Source: “Save Yourself” With Bitcoin and Gold: “Rich Dad Poor Dad” Author

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