Renowned author Robert Kiyosaki, known for his book “Rich Dad Poor Dad,” has raised concerns about the future of the U.S. dollar, predicting its demise. Kiyosaki believes that the BRICS nations (Brazil, Russia, India, China, and South Africa) will introduce a gold-backed currency that will deal a fatal blow to the USD. He further emphasizes that this move will lead to a flood of U.S. dollars returning home and result in skyrocketing inflation.
In relation to the potential launch of the BRICS currency and its impact on the U.S. dollar, Robert Kiyosaki, co-author of the bestselling book “Rich Dad Poor Dad” alongside Sharon Lechter, has shared his perspective. “Rich Dad Poor Dad” has remained on the New York Times Best Seller List for over six years and has sold over 32 million copies in more than 109 countries, translated into 51 languages. The BRICS nations consist of Brazil, Russia, India, China, and South Africa.
The anticipation surrounding the proposed BRICS currency has intensified following a report from Russian news outlet RT, suggesting that the BRICS economic bloc is preparing to introduce a gold-backed currency, with an official announcement expected during the leaders’ summit scheduled for August 22-24. However, no official statement has been made by BRICS officials regarding the currency, and there is no confirmation of it being backed by gold.
In a recent tweet, Kiyosaki predicts the imminent demise of the U.S. dollar, with trillions of USD returning home, as he anticipates the BRICS nations to announce a gold-backed currency during their summit in August. Stressing the severity of the situation, the renowned author highlights the expected surge in inflation and advises investors to turn to gold, silver, and bitcoin, as he has often recommended.
This is not the first time Kiyosaki has expressed concerns about the BRICS nations challenging the dominance of the U.S. and its currency. In April, he cautioned that an influx of “quadrillions of dollars” could lead to hyperinflation.
For years, Kiyosaki has advocated for investments in gold, silver, and bitcoin, considering them the most reliable options during uncertain times. In his recent tweet, he also predicts that the price of bitcoin will reach $120,000 next year, potentially citing a revised forecast by Standard Chartered, which suggests BTC could reach $50,000 this year and $120,000 by 2024.
In February, Kiyosaki offered his own predictions for the future prices of gold, silver, and bitcoin, projecting that BTC will reach $500,000 by 2025, gold will hit $5,000, and silver will rise to $500.
While the launch of a common BRICS currency is anticipated by many at the August summit, the vice president and chief financial officer of the New Development Bank, also known as the BRICS Bank, clarified that the creation of an alternative currency to rival the U.S. dollar is a medium to long term goal. He stated that there are currently no suggestions that BRICS will establish a new currency.
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Frequently Asked Questions (FAQs) about gold-backed currency
Q: What is the basis of Robert Kiyosaki’s warning about the US dollar?
A: Robert Kiyosaki believes that the US dollar will face its demise due to the introduction of a gold-backed currency by the BRICS nations, namely Brazil, Russia, India, China, and South Africa. He anticipates that this move will lead to a flood of US dollars returning home and result in significant inflation.
Q: How reliable are Robert Kiyosaki’s predictions?
A: Robert Kiyosaki, the author of “Rich Dad Poor Dad,” has been offering financial predictions for many years. While he has gained a following and his book has been widely popular, it’s important to note that predictions are inherently uncertain and subject to various factors. It’s advisable to consider multiple sources and conduct thorough research before making any financial decisions.
Q: Is there confirmation that the BRICS currency will be gold-backed?
A: As of now, there is no official confirmation that the proposed BRICS currency will be backed by gold. While there have been reports and speculations, no official announcements have been made by BRICS officials regarding the currency’s backing or its launch.
Q: What are Robert Kiyosaki’s recommended investments in light of these predictions?
A: Robert Kiyosaki suggests investing in gold, silver, and bitcoin as a response to the anticipated challenges to the US dollar. He has consistently recommended these assets as reliable options during uncertain times.
Q: Are the BRICS nations planning to create an alternative currency to compete with the US dollar?
A: The vice president and chief financial officer of the New Development Bank, also known as the BRICS Bank, has clarified that the creation of a common currency to rival the US dollar is a medium to long term ambition. There are no suggestions at present that BRICS will form an alternate currency.
More about gold-backed currency
- Robert Kiyosaki’s Twitter
- BRICS Nations
- Rich Dad Poor Dad
- New York Times Best Seller List
- Standard Chartered Bitcoin Forecast