Rich Dad Poor Dad author Robert Kiyosaki has warned that the U.S. dollar will die. He expects the BRICS nations (Brazil, Russia, India, China, and South Africa) to launch a gold-backed currency that will kill the USD. The famous author further stressed that U.S. dollars will come flooding home and inflation will go through the roof.
Robert Kiyosaki on Death of US Dollar, BRICS Currency Launch, Inflation
Robert Kiyosaki, the author of Rich Dad Poor Dad, has weighed in on the proposed BRICS currency and its potential impact on the U.S. dollar. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The BRICS nations comprise Brazil, Russia, India, China, and South Africa.
The anticipation surrounding the new BRICS currency has surged after a report by Russian news outlet RT, suggesting that the BRICS economic bloc is preparing to introduce a gold-backed currency, with an official announcement expected to be made during the leaders’ summit scheduled for Aug. 22-24. However, no BRICS officials have made an announcement regarding the new currency, and there is no confirmation that it will be backed by gold.
In a Tuesday tweet, Kiyosaki predicted that the U.S. dollar will die and trillions of USD will rush home, as he expects the BRICS nations to announce a gold-backed currency during their summit in August. The famous author added that inflation will go through the roof, emphasizing that investors should buy gold, silver, and bitcoin — his usual recommendation.
This was not the first time Kiyosaki has warned about the BRICS nations challenging the dominance of the U.S. and its currency. In April, he similarly said that “quadrillions of dollars” are coming back, cautioning that “the ramifications of that are possibly … hyperinflation.”
Kiyosaki has been recommending gold, silver, and bitcoin for many years. He previously explained that the three investments are the best for “unstable times.” In his tweet on Tuesday, he also mentioned that the price of bitcoin will hit $120,000 next year. The famous author could be quoting the revised forecast by Standard Chartered. The banking giant said Monday that BTC could reach $50,000 this year and $120,000 in 2024.
The renowned author has made his own predictions about the future price of gold, silver, and bitcoin, stating in February that BTC will hit $500,000 by 2025, gold will hit $5,000, and silver will reach $500.
While many people expect the launch of a common BRICS currency to be announced at the August summit, the vice president and chief financial officer of the New Development Bank, also known as the BRICS Bank, said that the creation of a common currency that would compete with the U.S. dollar is a medium to long term ambition. “No one is suggesting right now that BRICS will form an alternate currency,” he stated.
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