Robert Kiyosaki Says The Poor Work For Dollars, And Today's Rich For Bitcoin Amid Current Spike In Inflation
Loading... Loading... Loading...
Robert Kiyosaki, famous for his book “Rich Dad Poor Dad,” on Wednesday commented on the impact of inflation on different socioeconomic groups.
What Happened: Kiyosaki argued that inflation exacerbates the financial struggles of the poor and middle class, who primarily rely on dollars, while benefiting the wealthy who prioritize assets like gold, silver, and Bitcoin BTC/USD.
"INfLATION makes the POOR &MIDDLE CLASS poorer because they work for & save dollars. Yet INFLATION makes the RICH RICHER. Why? Because today's rich work for & save Gold, Silver, & Bitcoin," he tweeted.
Notably, the United States has witnessed a slight decrease in inflation, with consumer price increases showing a modest decline. September’s consumer prices rose by 0.4%, compared to the 0.6% increase observed in August. However, the year-over-year inflation rate remained steady at 3.7%.
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: Last month Kiyosaki pondered whether it was time to bid farewell to both— Bitcoin and the U.S. Dollar.
In a statement on X, Kiyosaki said, “Citibank announced today it is offering bank blockchain technology to turn institutional savings into Citibank tokens which can be used for instantaneous 24/7 cross-border transactions. Bye bye BC & US $?”
Kiyosaki's question arose following Citibank‘s announcement of a business service that incorporates blockchain technology. The service, known as Citi Token Services, aims to revolutionize instant payments through the use of smart contracts.
He expressed his admiration for gold, silver, and Bitcoin, which he refers to as “digital gold.” Kiyoskai believes these assets are of utmost importance. In fact, in April he predicted that Bitcoin would soon reach $100,000, attributing this to Bitcoin being the “people’s money” and gold and silver being “God’s money.”
Photo Courtesy: Wikimedia Commons