This week I researched what Robert Kiyosaki says about cryptocurrencies. He is the author of the super famous book Rich Dad Poor Dad and I was curious what his take is on this, since he talks mostly about gold.
Robert Kiyosaki distinguishes three different categories when it comes to money:
Gold (and Silver) is God's money, he says. Because it was here before we were. Interestingly, he also says that Gold is a wealth attractor. If you want to attract a monthly income of e.g. $1,000, you should keep $1,000 worth of Gold somewhere in your home. (I don't own any, so I can't vouch for that :)) Over thousands of years, gold has not lost its value.
Fiat currency (Dollars, Euros, Yen, etc.) is the government's money
Fiat money has no value, other than the government declaring that it as. The average life span of a fiat currency is only 27 years. The Euro is 17 years old now. The U.S. Dollar is 47 years old (since it came off the gold standard in 1971 and became a fiat currency).
Bitcoin and cryptocurrencies are the people's money. Since no government or central bank or any central authority is needed for issuing and transacting with cryptocurrencies, this new kind of money can be traded and used by regular people like us - thanks to the revolutionary blockchain technology. Everyone can freely choose to participate, without having to ask for permission or having to be born into this money system (as is the case with fiat currencies).
So, what's the best investment?
When asked about what we should invest in, Robert Kiyosaki says, "Ask yourself what will still be around in 2040: Gold, Fiat, blockchain technology?"
He's been betting on gold all his life, but is now also getting into "cyber money" because like gold, he believes blockchain will still be around in 20 years. Here's a 5min clip where he goes into that:
