Famous “Rich Dad, Poor Dad” author Robert Kiyosaki has predicted a bleak future for the economy and the crypto market.
He says we live in the largest bubble in human history — with stocks, real estate, commodities, and oil all experiencing bubbles.
Kiyosaki added that hyperinflation and despair are on the table as well.
The book author predicts that the US government will seize all cryptocurrencies when US President Joe Biden signs an executive order on cryptocurrency — which the President did, on Wednesday.
Bitcoin is out, he writes, and a “Fed crypto” will be launched following the signing of Biden’s EO.
Kiyosaki has warned of depression in the past, and this is no exception. As recently as December of last year, he cautioned that a major economic disaster was in the offing.
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Decentralized cryptocurrencies such as bitcoin and ether cannot be frozen or seized inside the network itself.
“This is why he is so enthusiastic about bitcoin,” according to US Senator Ted Cruz.
Biden Signs Crypto EO
Biden’s crypto directive is aimed at creating a “national strategy for digital assets across six important goals.”
A government strategy to manage the dangers and utilize the potential advantages of digital assets is outlined in the executive order, among other key factors.
The presidential order asks the Treasury and other agencies to “review and produce policy recommendations” to “protect US consumers, investors, and companies.”
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Biden’s executive order also calls for a report on the future of money and payment systems by the secretary of the Treasury.
The second objective is to “maintain financial stability in the United States and across the world.”
Crypto total market cap at $1.736 trillion on the daily chart | Source: TradingView.com
The Treasury’s Role
Treasury Secretary Janet Yellen says the Treasury will expand upon the National Risk Assessments, which highlight crucial illicit financing concerns linked with digital assets under the presidential order.
As the fourth objective, the Department of Commerce is being directed to develop an adequate framework to “advance US leadership in technology and economic competitiveness to strengthen US leadership in the global financial system.”
A Danger To The Financial Market?
For his part, Cornell University economics professor Eswar Prasad discussed Biden’s EO on cryptocurrency regulation with CNBC.
Prasad has warned about the dangers of bitcoin to the stability of monetary and financial markets.
He said the goal behind the executive order is to “start thinking about the usefulness of these diverse assets and technologies and thus govern them.”
Meanwhile, Kiyosaki said he plans to “be an entrepreneur as a second option.”
“Stay out of the stock market, construct your assets, and utilize debt as $,” he said.
Featured image from Intelligence Squared, chart from TradingView.com