The author of one of the bestselling books in the world, “Rich Dad Poor Dad” has stirred up the crypto market in a positive way, after sharing his interest towards Bitcoin and describing US dollar as “a scam”.
Robert Kiyosaki, known for his bestsellers such as “Rich Dad Poor Dad”, “Retire Young Retire Rich” and many spin-off books based on the ‘Rich Dad’ brand, recently declared that Bitcoin and other cryptocurrencies are “currencies of the people” and have a potential to outlive fiat currency.
Kiyosaki spoke with Kim Hughes who is hosting the Sane Crypto Podcast. During the podcast, he excoriated the dollar and predicted an imminent stock market crash. He stated:
“The US Dollar is a scam…I think the dollar is toast because gold and silver and cybercurrency are going to take it out…The US Dollar is gone…In the year 2000 there was one currency, the US Dollar. It was called the reserve currency of the world…and then came bitcoin or cybercurrency.”
In other news, Kiyosaki is also preparing a new book called “Fake: Fake Money, Fake Teachers, Fake Assets”. As he noted, the book is actually linked to currencies and physical wealth – precisely the value of gold, Bitcoin and other cryptocurrencies against a collapse of the financial market.
In his words, Kiyosaki said:
“In my new book… I talk about the three types of money today: God’s money, which is gold and silver, government’s money which is fiat currency, which is done by government decree which is the dollar… Then there’s the people’s money, which is cybercurrency on the blockchain technology. Gold is a hedge and I am expecting a collapse on the system…[and] which is why you are into cybercurrencies now… bitcoin and ethereum.”
Moving on, the Rich Dad author called fiat currency savers “losers” and called for a return of the gold standard to the dollar, just like it was before the 1971 removal by President Richard Nixon.
Bitcoin Trading Surges In South America Despite High Volatility
“Despite the increase, the monthly closing was 15% below the daily maximum of the BRXBT Index in the month of June.’’Over the past few days, the BTC/USD pair declined sharply and hit a new low as $9912 compared with more than $13,000 just a week ago. The most recent data shows there are about $27 billion changing hands on many exchanges worldwide. Within the P2P, Bisq which is a decentralized platform tracked by Coin Dance produced many new records of its own in different jurisdictions in the recent weeks. The success as noted in the coming altcoin news coincided with LocalBitcoins withdrawing the option to arrange cash meetings for the number one cryptocurrency- bitcoin. The data is changing rapidly so it’s better to keep a close eye on the market.
New Crash Of $35 Billion Makes BTC Revisit Four Figures
“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,” he said in a tweet.The weekly candle closed heavy and ignited the new crash further. As BTC tested the 50 day moving average which is currently serving as a level of support, all signals are indicating a continuation of this correction. So, Bitcoin visiting the $8,000 region is definitely a possibility - but Rager added that even like this, four figure BTC is a gift.
“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks," he concluded.In the coming altcoin news, we can see that the new crash and Bitcoin retreat has hurt the altcoins even more, with some of them losing as much as 20% of their value.
Trump Banning Bitcoin Could Happen But It Is Unlikely: Economist
“Trump could also go after fiat onramps, by simply forbidding banks to service crypto exchanges, or by requiring banks to not service exchanges unless conditions XYZ are fulfilled (and make that practically impossible).”In reality, however, Trump would need to convince the Congress of the need to ban Bitcoin and lawmakers could overturn his demands - even if they occurred via an executive order or similar emergency measures. So, Trump banning Bitcoin is feasible at this point - but the probability of it becoming law is extremely low, Krueger concluded. https://twitter.com/krugermacro/status/1150638173837516800 Krueger's comments went viral on many best cryptocurrency news sites several days after the mainstream media suggested that Trump had inadvertently made Bitcoin a campaign issue for the upcoming 2020 presidential elections. https://twitter.com/krugermacro/status/1150638180800090112 As Forbes also noted, some of the competing hopefuls (among which Andrew Yang) have long held an opposing view which shows that Bitcoin is in fact something to embraced at national policy levels. Krueger's comments on Trump banning Bitcoin showed thaT US regulators could arguably determine that crypto assets are too volatile to be sold to retail (non-accredited) investors. In the last tweet, Krueger noted that Trump could issue an executive order banning US people from dealing in Bitcoin - and that he has already done so with the Petro cryptocurrency.
Wells Fargo Claims It Won’t Allow Customers To Purchase Bitcoin
“Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.”As noted in the best cryptocurrency news sites, Wells Fargo banned the purchase of Bitcoin and other crypto assets by using the bank’s credit cards. The company’s spokesperson stated:
“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency […] We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”When Wells Fargo claimed that Bitcoin is risky and volatile, they didn’t look back to the 2008 financial crisis when all of the markets collapsed. As a result, millions lost their homes and jobs and an economic disaster started around the world. The bank was the contributor to one of the world’s largest financial crises but it did receive about 25 billion USD of Emergency Economic Stabilization Act funds and as CBS put it:
“Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds – the biggest amount awarded in a single shot: $25 billion tax dollars.”
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