Amid ongoing warnings that the US dollar will lose its status as the global reserve currency, Robert Kiyosaki, the bestselling author of “Rich Dad Poor Dad,” has reiterated his advice to his followers to turn to assets such as Bitcoin (BTC).
Specifically, Kiyosaki stated that the heads of the BRICS group of nations (Brazil, Russia, India, China, and South Africa) will announce a “gold-backed digital currency” at their upcoming summit, set to begin on August 22, 2023, in Johannesburg, South Africa, according to his tweet on July 11.
In fact, the English-language Russian channel “RT” reported that the BRICS alliance will introduce a new gold-backed trade currency due to the “increased number of countries requesting to join the group,” according to screenshots and quotes shared by former journalist William Middleton on July 7.
According to the financial lecturer, this will lead to the “death” of the US currency as “trillions of US dollars” will return to the homeland and result in “skyrocketing inflation.” As a means of protecting oneself from the repercussions, Kiyosaki advises investing in gold, silver, and Bitcoin, which he believes will reach a price level of $120,000 next year.
Earlier in April, Kiyosaki warned of the “deadly consequences” of inflation that will “skyrocket,” leading to the end of the middle class in the United States, placing some blame on President Joe Biden’s green energy policies.
Furthermore, the renowned author and investor shared his views that the US economy is on the “verge of destruction,” referencing the famous song by Barry McGuire, and expressing his lack of trust in the government and criticizing the Federal Reserve for printing more money, according to a report by FunBold on July 6.
At the same time, the price of Bitcoin, the leading decentralized financial instrument, stood at $30,489 at the time of press, recording a 1.37% increase in the last 24 hours, a 1.52% decrease over the past seven days, and an 18.45% increase over the past month, according to the latest data on July 11.
Interestingly, it seems that Standard Chartered Bank’s research supports Kiyosaki’s Bitcoin price predictions, as the bank stated that it has raised its previous Bitcoin price target from $100,000 to $120,000 by the end of 2024, while it may reach $50,000 this year, according to the study.