Robert Kiyosaki, the author of "Rich Dad Poor Dad," has warned Americans that the U.S. government has been known to make owing gold illegal and confiscate it from private citizens. Therefore,
Robert Kiyosaki, the author of "Rich Dad Poor Dad," has warned Americans that the U.S. government has been known to make owing gold illegal and confiscate it from private citizens. Therefore, he said he holds his gold and silver in Swiss vaults.
Kiyosaki sounded the alarm as the U.S. federal debt hits $39.6 trillion.
Related: Coinbase CEO has a radical fix for America's $36 trillion debt
On July 25, the personal finance author wrote a post on X that the U.S. debt stood at approximately $9.5 trillion before the great financial crisis in 2008, but the figure now approaches $39 trillion. In fact, the figure stood at $39.6 trillion at the time of writing.
Though the U.S. government is printing fiat currency worth $1 trillion approximately every 90 days, its value or purchasing power is going to decline, Kiyosaki warned. He advised,
“The rich do not save money.”
He highlighted that he himself started saving silver since 1965, gold since 1971, Bitcoin (BTC) since 2012, and Ethereum (ETH) since 2022.
These precious metals and cryptocurrencies, due to their limited supply, don't tend to lose value and are considered a hedge against the U.S. dollar's debasement.
In fact, crypto enthusiasts consider Bitcoin and Ether to be gold and silver's representatives in the digital assets ecosystem.
Kiyosaki also warned about the U.S. government seizing gold from private citizens.
What he is referring to is President Franklin Roosevelt's executive order in 1933, during the Great Depression which asked most Americans to exchange their gold for U.S. dollar. The goal was to prevent people from hoarding gold and to give the government more flexibility to expand the money supply under the gold standard.
It was in 1974 that President Gerald Ford revoked the order banning private gold ownership. The decision again allowed American citizens to hold gold privately.
However, there is no indication that the U.S. government currently has any plan to restrict private ownership of gold. But Kiyosaki has been warning for a long time that the biggest market crash in history is coming soon.
Gold and silver were trading at $4,085.74 per ounce and $58.66 per ounce. Bitcoin and Ether were trading at $64,938.46 and $1,950.70.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research before making any investment decisions.
