"I Love Bitcoin, Though It Might Be a Scam," Says Robert Kiyosaki in a Candid Q&A Session

"Could Bitcoin be a scam? Possibly, but I love it," declares Robert Kiyosaki, as he dives into a no-holds-barred discussion on Bitcoin, fiat currencies, and the inherent risks of financial schemes.

Uncover the insights from the author of "Rich Dad Poor Dad" in this revealing Q&A session.

Unveiling Insights on Bitcoin, Fiat Currency, and Potential Frauds

Renowned for authoring the "Rich Dad Poor Dad" series, Robert Kiyosaki answered various questions about Bitcoin (BTC) on March 26, 2024, shedding light on his views regarding BTC, fiat currencies, and the potential of financial scams.

In his responses, Kiyosaki admitted the possibility of Bitcoin being a scam or a Ponzi scheme but counterbalanced this by expressing his bullish stance on Bitcoin, stating, "I love Bitcoin."

He described Ponzi schemes as fraudulent strategies where funds collected from investors are not genuinely invested but are partially paid out as dividends to gain trust, eventually leading to the perpetrators absconding with the money.

Kiyosaki's acknowledgment of the potential fraudulence of Bitcoin led him to assert that fiat currencies like the US dollar, Euro, and Japanese Yen are even more significant scams, describing them as "giant Ponzi schemes" and labeling all US dollars as nothing but IOUs from the American government.

His post, filled with sharp criticisms of the US government and optimistic views on Bitcoin, has captured widespread attention for its bold statements.

Below are the insights shared by Robert Kiyosaki:

Are You Bullish on Bitcoin?

A: Yes. Bitcoin is the best asset for the current times. I absolutely love Bitcoin and wish I had bought more, sooner.

Is There a Possibility That BTC Is a Scam or Ponzi Scheme?

A: Yes. There's a chance that Bitcoin could be a scam or a Ponzi scheme.

Aren't You Worried?

A: Not really. I believe Bitcoin is less of a fraud or Ponzi scheme compared to fiat currencies like the US dollar, Euro, and Yen.

Are You Saying Fiat Currencies Are Scams?

A: Exactly. They are giant Ponzi schemes. Every US dollar is merely an IOU from the United States.

What Concerns You the Most?

A: The incompetence, corruption, or both of America's political, banking, and financial leaders. They have no clue how to manage the escalating US government debt, the US bond market, or the inflated stock market.

America is bankrupt, printing $1 trillion every 90 days just to pay its bills. These individuals should resign, be fired, impeached, or even jailed. They should also refund their college tuition.

Clearly, they learned nothing about money, ethics, honesty, or morals in school. They have plundered money from the American people and others worldwide.

Why Are You Optimistic About Bitcoin?

A: Metcalfe's Law. It's a principle about the power of networks.

Bitcoin, like the US dollar, mobile phone networks, or network marketing businesses like Amway, derives its core value from the strength of its network system. This is why Metcalfe's Law is crucial and why I'm bullish on both Bitcoin and the US dollar.

Bitcoin has a strong network.

Most "new cryptocurrencies" emerge from the Ethereum platform. It remains to be seen how many will be as successful as Bitcoin. Most coins will fail Metcalfe's Law, failing to build a network and vanishing as if they were part of a solitary phone network.

Could the Network Be Attacked?

A: Yes. The US dollar's network is constantly under attack from the currency networks of Russia and China's BRICS and the Belt and Road Initiative.

Who Will Win?

A: The stronger network between "BRICS vs $USA" will prevail.

Any Advice?

A: My advice remains the same as always. "Do not save fake fiat dollars. Save real gold, real silver, and Bitcoin."

Nothing has changed from what I've been saying. I follow my own advice.

As I stated 27 years ago in "Rich Dad Poor Dad," those saving fake money are the losers.

Please don't be a loser.

Save real gold, real silver, and real Bitcoin.

Could Bitcoin's Value Drop to Zero?

A: It's possible. Just like any country's "fake" fiat currency, such as the US dollar, Australian dollar, British pound, or Japanese yen, Bitcoin could also drop to zero in value.

As history has shown, thousands of fake currencies have already disappeared into the graveyard of fiat currencies.

This is why I've consistently advised saving gold, silver, and Bitcoin for years.

Today, I not only own gold and silver but also American gold and silver Eagles. Diversification is crucial.

I do not mine Bitcoin.

Who Else Should People Consult About BTC?

A: There are many. I respect individuals like Raoul Pal, Lawrence Lepard, Jeff Booth, Mark Moss, and Anthony Pompliano.

The most important thing is for you to find your own answers.

Be cautious.

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