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Financial advisors are beginning to acknowledge Bitcoin (BTC), a trend that Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, is eager to see.
Kiyosaki has frequently advised his followers to invest in “hard assets” such as gold, silver, real estate, and BTC. He argues that advisors have historically steered clients away from these assets to generate higher commissions, despite gold’s long-term performance. He notes that gold “has beaten the S&P for decades.”
Robert Kiyosaki’s Support for Bitcoin
“The S&P is about to crash by 70%. Don’t be a loser. Choose your financial advisors carefully,” Kiyosaki wrote on X. “Prepare for the biggest crash in history.”
While this prediction may seem startling to new readers, it is not unprecedented. Kiyosaki has publicly predicted an impending financial catastrophe at least a dozen times since 2011, though he has rarely been accurate in these forecasts.
Two months ago, the author urged followers to withdraw their funds from banks in anticipation of the “biggest crash in history.”
Just 70% this time? pic.twitter.com/7nIdtTTy9w
— Nick Maggiulli (@dollarsanddata) February 12, 2024
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Kiyosaki’s comparison of gold to stocks is also factually questionable. According to Longtermtrends, since 1974, the S&P 500 has appreciated by 5,200%, whereas gold has risen by only 1,306%. Except for the early 1980s, gold has rarely outperformed stocks across various time frames.
Nevertheless, gold has preserved its value significantly better than the US dollar, which Kiyosaki frequently criticizes for being easily printed and susceptible to inflation and debasement.
Digital Gold and Bitcoin ETFs
Bitcoin advocates, including Kiyosaki, often describe the digital currency as “digital gold.” Its maximum supply is capped at 21 million coins, and its digital nature allows for easy trading, comparable to fiat currencies.
In November, Kiyosaki claimed that Bitcoin offered the “best protection” against hyperinflation, surpassing both gold and silver.
“Bitcoin is people’s money which means people control the value of Bitcoin, not our leaders,” he stated.
Following the launch of several spot Bitcoin ETFs last month, Bitcoin has become the second-largest ETF commodity in the United States, positioning itself between silver and gold.
In terms of net inflows, ETFs for the so-called “digital gold” have absorbed $3 billion in BTC since their launch. By comparison, the first gold ETF, GLD, took approximately two years to reach this level of inflows.
