Renowned author Robert Kiyosaki, best known for his personal finance book ‘Rich Dad, Poor Dad,’ has once again underlined his conviction that traditional fiat currencies are on the path to obsolescence, while cryptocurrencies are poised to become the future of money.
Kiyosaki’s outspoken endorsement of cryptocurrencies has been a recurring theme in his public statements, and his recent comments on social media have reignited the debate on the future of money.
Robert Kiyosaki took to the social media platform X to share his thoughts while he was coincidentally in Singapore during the TOKEN2049 conference, one of the largest annual gatherings for crypto enthusiasts and experts.
In Singapore at same time massive crypto conference is on. Very exciting. Crypto is the future. Fiat…a.k.a. FAKE money is toast.
— Robert Kiyosaki (@theRealKiyosaki) September 17, 2023
Robert Kiyosaki: Unwavering Support For Crypto
In his post, he declared, “Crypto is the future,” and went on to characterize fiat currency as “FAKE money” and referred to it as “toast.” This strong language underscores his belief in the impending shift towards cryptocurrencies as the primary medium of exchange.
Notably, Kiyosaki has openly admitted to owning Bitcoin (BTC) and views cryptocurrencies as a crucial hedge against the devaluation of traditional currencies due to factors such as inflation and government monetary policies. He points to Bitcoin’s resilience, its ability to bounce back after market downturns, as a testament to its enduring presence in the financial landscape.
State Of The Crypto Market
While Kiyosaki’s proclamations on cryptocurrencies may resonate with many, the crypto market is currently facing its own set of challenges. Notably, the market is experiencing pressure stemming from the liquidation of FTX, a major cryptocurrency exchange, which has announced its plans to divest its crypto assets totaling a staggering $3.4 billion by the end of 2023.
FTX’s crypto holdings primarily consist of Solana, Bitcoin, and Ether, among others. To mitigate potential negative impacts on crypto prices, FTX has imposed a weekly cap of $100 million on its asset sales. However, the exchange has left the door open for this limit to increase to $200 million, pending approval from two committees representing FTX customers.
This development in the crypto market underscores the inherent volatility and uncertainties associated with cryptocurrencies. While enthusiasts like Robert Kiyosaki see them as the future of money, the market’s evolution remains a subject of ongoing debate, shaped by various factors including regulatory changes, market sentiment, and technological advancements.
Kiyosaki’s unwavering support for cryptocurrencies as the future of money continues to make waves in the financial world. However, the crypto market’s current challenges highlight the need for a cautious and balanced approach to navigating this rapidly evolving landscape.
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