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Investing.com – Rich Dad Poor Dad author Robert Kiyosaki has warned of the potential demise of the US dollar. Where he expressed his concern about the flow of trillions of dollars into the US economy after countries abandoned it in favor of other currencies, which pushes inflation towards record levels.
At the same time, the famous author also advised his followers to buy gold and silver as safe havens from these events, noting that it could advance towards the $120,000 level.
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Earlier, Kiyosaki expected it to rise to 3800 this year, while it will reach $75.
Kiyosaki is the author of Rich Dad Poor Dad, a 1997 book that has been on the New York Times bestseller list for more than six years. More than 32 million copies of the book have been sold in more than 51 languages in more than 109 countries.
Dollar crash
Kiyosaki commented on the recent step taken by BRICS members to adopt a new gold-backed currency. He said that the BRICS countries will likely announce a gold-backed digital currency next month in a move that could change the status quo for the US dollar.
In view of the imminent decline in the value of the US dollar, Kiyosaki, in his characteristic way, advises his followers to buy gold and silver to hedge against inflation, which is set to jump strongly in the coming months. The highlight of his latest warning was the prediction that the Bitcoin price is about to touch the $120,000 price level by next year.
Important tips
Kiyosaki has maintained his footing in the world as a social commentator with a number of predictions that help guide investors. As Robert has little faith in the banking sector, he believes that more banks are likely to fail in the coming months/years, which he expressed weeks ago.
Kiyosaki has made it clear earlier that he does not trust the current government in the United States to get the country out of its current economic woes, which he believes are at least a partial result of the Federal Reserve printing more money.
For this reason, he reiterated his advice to his viewers to invest in assets such as gold, silver, and bitcoin, which the government cannot print.
Kiyosaki urged investors to think for themselves and not rely on the guidance of President Joe Biden, Federal Reserve Chairman Jerome Powell, or Treasury Secretary Janet Yellen.
Many people on social media agreed with the then-famous author that more banks are about to fail, including economist Peter Schiff, who tweeted: “True, but this was the inevitable result of the obvious monetary and fiscal policy mistakes made over the years. The Federal Reserve and federal policy are the reasons why the US banking system is now insolvent.”
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2023-07-11 08:43:00
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