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.
Israeli Court Rules In Favor Of BTC Mining Company Against Igud Bank
“I believe that the sweeping policy, which does not distinguish between different types of activity, the scope of activity and different types of customers — in the field of digital currencies — is unreasonable.’’At the same time, Bibi explained that the banks have a right to refuse deposits that originate from cryptocurrency trades. However, the process continued and the regulatory attitude towards crypto trading showed the impacts on the legacy banking system. As previously reported, multiple banks claimed that they have issues with servicing private investors or small business who trade cryptocurrency. Banks usually have a hostile stance on cryptocurrency but their actions are quite contradictive. For example, The United Kingdom Barclays bank also shut down multiple accounts after developing a relationship with a few crypto exchange giants including Coinbase in order to speed up deposits and withdrawals. The Union Bank, on the other hand, appears that senior executives have benefited a lot from education in the blockchain sector when the local Bit2c startup held a seminar on its projects and developments in November 2018. At the start of March, a committee from Israel’s securities regulator officially issued a paper on recommendations for governing the economy around cryptocurrency which can help the bank to improve their treatment on crypto investments more uniformly in the future. The report noted:
“The committee recommends considering adjustment of the existing regulation to create more suitable regulatory infrastructure for this trading activity in order to better cope with the risks incurred in this activity.’’
Block.one CEO: Bitcoin Will Replace Gold As The Leading Commodity
“Over the next two decades, #Bitcoin will replace #gold as the leading commodity to store value.”According to him, bitcoin is easily transferred because it is an intangible asset. It can be traded in seconds but it does have a limited total supply and it is extremely volatile. The number one cryptocurrency is a great store of value but scarcity limits the utilitarian value of the currency. As we can see, institutions start to weigh in on regulations and controlling bitcoin so they can make some more profits which have led for skyrocketing of the price after traditional investors poured their money into bitcoin. The result brought up to 25 percent of bitcoin loss, people purchasing real estate with bitcoin and institutions selling bitcoin between other major institutions for profit. Gold, on the other hand, is perceived as an experiment just like BTC. There are currently hundreds of billions of dollars worth of gold that are lost and the other half is locked in vaults. London, for example, has more than $200 billion in gold since the precious metal is still the people’s favorite store of value. Both bitcoin and gold can be traded electronically. However, if an economic collapse occurs, holding a golden voucher doesn’t mean that the assets will be yours at the end mainly in the cases of theft, terrorism, and disputes. Owning something on paper is the key issue with centralization since it doesn’t really belong to you until you have in your hands. Cryptocurrency solves this problem by being electronic. If you don’t have access to the internet, you are still the owner of the cryptocurrency. Crypto can be stored on your private key information on paper so you can access it from any other place. Gold, on the other hand, will always be more worth than bitcoin because it is a natural resource whereas Bitcoin is a computer creation. BTC aims to overtake gold as a better functioning store of value but still has a lot to go.
MakerDAO Will Focus On Security Tokens For Their New Feature Rather Than BTC
“The first one is that it can support multiple collateral types. This, of course, means ERC-20 tokens. It also means Bitcoin through WBTC. A range of cross-chain assets that are emerging now. Also, there will be other stablecoins. Centralized stablecoins that already exist on the Ethereum blockchain. But most importantly, security tokens.”The MakerDAO foundation initially owned all of its MKR tokens but as Rune explained, they sold them off to multiple huge players in the EthereMum world in order to fund teams of 100 people. He says that MKR exists only to be able to vote in the system. The system rewards people who hold CDPs and when everything goes well, the MKR total supply is reduced, tokens get burned off and the value of the remaining tokens increases. Dai is extremely unique and some consider it as the real stablecoins, unlike the pegged coins. Dai is built on an open system so people who invest in cryptocurrency can access the stability of the Oracle system. Christensen also explained how real security tokens operate better in the world of traditional assets. He said:
“Security tokens are still something that is quite new. But what that really represents to Maker is the ability to now interact with real-world assets. The ability to interact with real-world finance and provide arbitrage opportunities between the traditional finance world and the tokenized world. That means that in the future the Dai will not just be backed by volatile cryptocurrencies, but things like real estate, bonds, and stocks.”The most important way to use Dai is as a stablecoin. If anything happens to the Ethereum network, there could be some negative consequences to the market but MakerDAO couldn’t get in a worse position than the one last year.
Analysis: Could Institutional Adoption Bring The Financial Elite To Destroy Bitcoin?
Join us on Facebook
- Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
- The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March
- IBM’s Now-Live Blockchain Network Wanted By Six International Banks
- Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
- Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Bitcoin Dominance Falls To 2019 Low: Is The Altcoin Season Here?
Blockchain News5 days ago
Vitalik Buterin: Non-Financial Blockchain Use Cases Are A “Harder Pitch”
Bitcoin News5 days ago
TRON CEO: ‘Bitcoin Is A Technology – Not A Business Opportunity’
Altcoin News5 days ago
Bitcoin And Altcoin News: Tokens Trading Near Infection Point
Bitcoin News4 days ago
Two Thirds Of Crypto Investors Are Bitcoin (BTC) Maximalists: Poll
Altcoin News5 days ago
Universal Bitcoin (UPBTC): The New Tokenized Bitcoin Coming To Ethereum
Bitcoin News4 days ago
BTC Is Cheap Until April, $3,000 Price Won’t Be Seen Again: Trader
Altcoin News3 days ago
Bitcoin Slowly Reaching $4,000 While Stock Market Goes Green