⚡️ Some Interesting Q&A Regarding Bitcoin by Robert Kiyosaki
Robert Kiyosaki, the renowned author of "Rich Dad Poor Dad" and a prominent figure in financial education, recently shared his thoughts on Bitcoin in a compelling Q&A format.
His insights, both bullish and cautionary, offer valuable perspectives for anyone considering Bitcoin as an investment.
Some Interesting Q&A Regarding Bitcoin by Robert Kiyosaki
Q: Are you a Bitcoin Bull?
A. Yes. Bitcoin is the perfect asset at the right time. I love Bitcoin. Wish I had bought more earlier.
Q: Is it possible that Bitcoin is a scam, a Ponzi scheme?
A: Yes. It is possible Bitcoin is a scam and a Ponzi scheme.
Q: Aren’t you concerned?
A: Yes I am. Yet Bitcoin is not any more of a scam or a Ponzi scheme than the US Dollar, Euro, Yen, or any other “fake” or fiat currency.
Q: Are you saying the US dollar and other fiat currencies are scams?
A: Yes. Giant Ponzi schemes. All the US dollar is, is an IOU from America.
Q: What are you concerned about?
A: Our US political, banking, and financial leaders. They are incompetent or corrupt or both Our leaders have no idea how to control the growing US government debt and US bond market, and over inflated stock market. America is broke printing $1 trillion every 90 daysjust to pay its bills. They should resign, be fired, impeached, or put in jail. All should have their college tuitions refunded. Obviously they learned nothing in school about money, ethics, honest, or morality. They have ripped off the American people and people of the world.
Q: Why are you optimistic about Bitcoin?
A: Metcalf’s Law. Metcalf’s Law is a law about the power of “networks.” Bitcoin, like the US dollar, cell phone net works, and net work marking business such as Amyway gain thie core value from the strength of their network system. Thats the reason Metcalf’s Law is important and why I am bullish about Bitcoin and the US dollar. Bitcoin has a strong network. Most “new crypto-coins ” come off of the Ethereum platform. How many will do as well as Bitcoin only time will tell? Most will die because they fail Metcalf’s Law, they fail to build a network. That would like you belonging to a cell phone network with only you.
Q: Can networks be attacked?
A: Yes. The US dollar network is constantly under attack from Russia and China’s BRICS, Belt and Road currency net work.
Q: Who will win?
A: The stronger network BRICS vs $ USA will win.
Q: What do you advise?
A: The same as I have always advised. “Do not save fake fiat dollars. Save real gold or silver coins or Bitcoin.” Nothing I have been saying has changed. I follow my own advice. As I stated 27-years ago in my book Rich Dad Poor Dad, “Savers (of fake money)” are losers. “ Please do not be a loser. Save real gold coins, real silver coins, and real Bitcoins.
Q: Can Bitcoin go to zero?
A: Yes. It is possible just as it is possible for the US dollar, Aussie dollar, Englands pound sterling, Japan’s yen and any country’s fiat (fake) currencies can go to zero. In fact history proves thousands of fake currencies have already gone to fiat money grave yards. That is why for years I have been saying “Save gold, silver, and Bitcoin.” Today, not only do I own gold and silver US gold and silver Eagles…I own gold and silver mines. Diversification is very important. I do not mine Bitcoins.
Q: Anyone else do you recommend I should seek advice about Bitcoin from?
A: Yes. There are many. These are a few I respect: Ral Paoul, Lawrence Lepard, Jeff Booth, Mark Moss, Anthony Pompliano and more. Most important is for you to find your own answers.
All Kiyosaki said (Explained)
Kiyosaki doesn't shy away from expressing his enthusiasm for Bitcoin. He views it as a timely and valuable asset, lamenting he didn't invest more earlier. However, he acknowledges the opposing viewpoint, recognizing the possibility of Bitcoin being a scam or a Ponzi scheme.
- Fiat Currency vs. Bitcoin: A Battle of Trust
- Metcalf's Law and the Network Effect: Why Bitcoin Might Thrive
Despite the potential risks, Kiyosaki's optimism about Bitcoin stems from Metcalf's Law. This principle suggests the value of a network increases exponentially with the number of users. Kiyosaki emphasizes Bitcoin's strong network effect, comparing it to the dominance of the US dollar and established cell phone networks. He believes most new cryptocurrencies, lacking a robust network, will struggle to gain traction.
- Network Vulnerability: Can Bitcoin Be Attacked?
The conversation doesn't shy away from potential threats. Kiyosaki acknowledges the vulnerability of networks, highlighting ongoing attempts by countries like Russia and China to undermine the US dollar's dominance through initiatives like BRICS (Brazil, Russia, India, China, South Africa) and the Belt and Road Initiative. He suggests the stronger network might ultimately prevail, implying a potential future where the BRICS alternative challenges the US dollar's global influence.
- Saving for the Future: Beyond Fiat Currency
Kiyosaki strongly advises against saving solely in fiat currencies. He recommends alternative havens like real gold, silver coins, and Bitcoin. He reiterates his core message from "Rich Dad Poor Dad," highlighting the potential pitfalls of being a "saver" of fiat currency, which he considers inherently prone to devaluation.
- Bitcoin's Future: Is Zero Completely Out of the Question?
While Kiyosaki is bullish on Bitcoin's potential, he doesn't dismiss the possibility of its value plummeting to zero. He emphasizes that fiat currencies throughout history have met similar fates, and Bitcoin isn't immune to such a scenario. This underlines the importance of diversification within his overall investment strategy, which includes ownership of gold and silver mines alongside Bitcoin holdings.
- Seeking Additional Guidance on Bitcoin
The Q&A concludes with Kiyosaki acknowledging the vast pool of Bitcoin knowledge available. He recommends several figures he respects, including Raoul Pal, Robert Breedlove, Jeff Booth, Mark Moss, and Anthony Pompliano. However, he emphasizes the importance of conducting independent research and forming one's own conclusions.
Key Takeaways from Kiyosaki's Insights
- Bitcoin's Potential and Risks: Kiyosaki acknowledges both the potential upside and inherent risks associated with Bitcoin.
- Fiat Currency Skepticism: He expresses a strong distrust in traditional fiat currencies and the management of national debt.
- Network Effect and Bitcoin's Strength: Kiyosaki emphasizes the importance of network strength for any currency, highlighting Bitcoin's current advantage.
- Diversification is Key: While bullish on Bitcoin, Kiyosaki advocates for a diversified portfolio that includes gold, silver, and potentially Bitcoin mining.
- Independent Research is Crucial: Kiyosaki encourages individuals to conduct their own research and form their own opinions before investing in Bitcoin.
Conclusion
Robert Kiyosaki's insights on Bitcoin offer valuable food for thought. His perspective challenges traditional views on fiat currencies and highlights the potential of Bitcoin as an alternative asset class. However, his warnings about potential risks and the importance of independent research serve as crucial reminders for anyone considering venturing into the world of cryptocurrency.
