Renowned author Robert Kiyosaki, best known for his personal finance book Rich Dad, Poor Dad, has reiterated his belief that traditional fiat currencies are becoming obsolete and that cryptocurrencies are poised to be the future of money.
Kiyosaki’s outspoken support for cryptocurrencies has been a recurring theme in his public statements, and his recent comments on social media have reignited debate over the currency’s future.
Robert Kiyosaki posted on social media platform share his thoughts And he happened to be in Singapore to attend the TOKEN2049 conference, one of the largest annual gatherings of cryptocurrency enthusiasts and experts.
Meanwhile, in Singapore, a major cryptocurrency conference is taking place. Very exciting. Cryptocurrency is the future. Fiat…aka fake money is done.
— Robert Kiyosaki (@theRealKiyosaki) September 17, 2023
Robert Kiyosaki: Unwavering support for cryptocurrencies
In the post, he declared, “Cryptocurrency is the future,” and went on to describe fiat currencies as “fake money” and refer to them as “toast.” This strong language underscores his belief in the impending shift to cryptocurrencies as the primary medium of exchange.
especially, Kiyosaki publicly admitted Hold Bitcoin (BTC) and view cryptocurrencies as a great hedge against the devaluation of traditional currencies caused by factors such as inflation and government monetary policy. He pointed to Bitcoin’s resilience, its ability to bounce back after market downturns, as evidence of its enduring presence in the financial sector.
Total crypto market cap at $1.04 trillion today: TradingView.com
Current state of the cryptocurrency market
While Kiyosaki’s statements about cryptocurrencies may resonate with many, cryptocurrency market Currently facing a series of challenges. Notably, the market is facing pressure from the liquidation of major cryptocurrency exchange FTX, which has announced plans to divest its crypto assets totaling $3.4 billion by the end of 2023.
The cryptocurrencies held by FTX mainly include Solana, Bitcoin and Ethereum. To mitigate potential negative impacts on cryptocurrency prices, FTX has set a weekly cap of $100 million on its asset sales. However, the exchange has increased this limit to $200 million, pending approval by two committees representing FTX clients.
This development in the crypto market highlights the inherent volatility and uncertainty associated with cryptocurrencies. While enthusiasts like Robert Kiyosaki view it as the future of money, the evolution of the market remains a topic of ongoing debate, influenced by factors as diverse as regulatory changes, market sentiment, and technological advancements.
Kiyosaki’s unwavering support for cryptocurrencies comes as the future of money continues to make waves in the financial world. However, the current challenges in the cryptocurrency market highlight the need for a cautious and balanced approach to navigate this rapidly evolving landscape.
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