The author of the renowned and best-selling book, Rich Dad Poor Dad, has revealed that the rising inflation concerns have prompted him to buy cryptocurrencies, such as bitcoin and ether. Robert Kiyosaki referred to inflation as a tax on the middle class and poor because it makes the rich richer. He revealed that the alarming increase in inflation had driven him towards the crypto market. The Rich Dad Poor Dad book was co-authored by Sharon Lechter and Kiyosaki and published in 1997. It remained on the New York Times Best Seller List for more than six years. The book has been sold in more than 109 countries and in 51 languages and over 32 million copies have been sold so far.
Last week, Kiyosaki tweeted that Dollar Tree had now become $1.25 Tree because inflation makes the rich richer and taxes the middle class and poor. He advised that people should get smart and richer and disclosed that he was buying more bitcoin, ether, oil, rental real estate and gold and silver. According to the data, when Kiyosaki tweeted about buying more BTC and ETH, the price of the two cryptocurrencies respectively were $56,267 and $4,238. The prices have now changed and at the time of writing, they stood at $57,264.26 and $4,294, respectively for BTC and ETH.
This is not the first time that Kiyosaki has given warnings about inflation, as he has done so previously as well. Moreover, the author has also recommended bitcoin a number of times. The renowned writer had tweeted in October that the Federal Reserve and President Joe Biden were ripping off poor people and he also predicted that the United States would slide into a depression. He highlighted that Biden and the Fed required inflation to prevent this depression and used the term ‘corrupt’ to refer to them.
He also gave warnings of a giant crash, which would lead to a new depression. Then, he suggested that people buy bitcoin, gold and silver. Kiyosaki had tweeted back in May that the Federal Reserve wanted inflation because they would be able to pay off their debt with cheaper dollars. He also noted that the Fed would hike up interest rates that would cause the bond, stock, gold and real estate market to crash. The famous author went on to say that ‘boomer retirement’ is the biggest problem and emphasized that America, medicare and social security are all ‘broke’.
The author elaborated that the Fed would switch to printing more ‘fake money’ due to which it was a good idea for investors to stick to bitcoin, gold and silver. While there has not been a hike in interest rates so far, there is no doubt that the United States has been experiencing a massive rise in inflation. It is obviously concerning due to which the markets were expecting the Fed to hike interest rates earlier than expected. However, the a new variant of the coronavirus called Omicron was discovered in South Africa and this might lead to further tightening, if it proves to be vaccine resistant and more contagious.