The author of the best-selling novel “Rich Dad, Poor Dad,” Robert Kiyosaki has called on people to invest in gold, silver and Bitcoin “before it is too late.” In a statement posted on X (formerly Twitter), Kiyosaki urged people to “get out of the fake money system” and invest in the three assets as gold prices surge to new highs.
Investing in gold is a relatively sound financial move because it adds some stability to a portfolio and grants it some resistance to market forces. And with gold prices surging amid significantly renewed interest in the precious metal as a safe-haven asset, there is no better time to add a little gold to your portfolio.
Kiyosaki says that when the U.S. dollar collapses, how investors fare will depend on how much gold, silver and Bitcoin they had prior to the collapse. The greenback has been the global reserve currency for decades, but it has begun to lose its supremacy now that several nations across the globe are working to fortify their own currencies and decouple themselves from the dollar.
Conversely, the famed author noted that workers and savers are losing, and called for them to abandon the fake financial system, likely referring to legal tenders such as the U.S. dollar, in favor of gold, silver and the cryptocurrency Bitcoin.
While the author’s calls to invest in silver and gold are wide and informed, especially in light of recent geopolitical factors that have caused the global economy to falter, investing in Bitcoin may not be everyone’s cup of tea.
The cryptocurrency market famously collapsed last year and took an even larger hit when it emerged that Sam Bankman-Fried, the founder and CEO of cryptocurrency exchange FTX, had stolen billions of customer and investor funds. The FTX scandal caused the crypto industry to lose a massive amount of trust with customers and regulators.
Furthermore, major cryptocurrencies such as Bitcoin have lost more than 65% of their value, and the cryptocurrency market’s value dropped from a peak of $3 trillion in November 2021 to a two-year low of $796 billion in the wake of FTX’s collapse.
Even so, Kiyosaki points out that the blockchain technology that underpins cryptocurrencies such as Bitcoin could act as an alternative system to the U.S. Federal Reserve’s monetary policy. Kiyosaki echoed similar sentiments in March on X when he said that “Bitcoin is the people’s dollar” while silver and gold are “God’s money.”
The geopolitical and economic issues currently plaguing the United States and the global economy are likely to make silver extraction companies such as Hecla Mining Company (NYSE: HL) more attractive to investors who see these stocks as a more familiar way to get exposure to precious metals.
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