The "Rich Dad Poor Dad" author has long criticized Wall Street, fiat currency and investment products he sees as misleading.
Robert Kiyosaki, the author of the "Rich Dad Poor Dad" series, is not a fan of Bitcoin ETFs. In fact, he sees them as part of the traditional financial system that he has long criticized for its complexity and what he perceives as an attempt to deceive people.
Kiyosaki's stance comes amid what he describes as a predicted financial crisis. He claims that the stock market crash he warned about in his book "Rich Dad's Prophecy" has arrived and is impacting baby boomers the most.
Unlike the previous generation, which had defined benefit pensions ensuring guaranteed payouts, today's retirees have plans that will pay out whatever is left after the crash, Kiyosaki explains. This is the risk, and he believes most people are unaware of it.
The problem, he argues, stems from financial education, or rather the lack of it. Schools do not teach how money truly works, leaving individuals susceptible to Wall Street, political interference, and financial products that are designed for institutions rather than individuals.
As a result, he says a system has been created where people trust financial products such as ETFs, often to their disadvantage. However, Kiyososaki advises investing in real assets. He suggests physical gold, silver, and Bitcoin - assets that are held directly and not through institutions.
He clarifies his stance on ETFs, stating that they are not real, whether they are backed by Bitcoin, gold, or silver. To him, ETFs are similar to fiat currency or government bonds - another layer that prevents people from having true ownership.
In other news, Bitcoin has experienced a 1.2% price drop over the past week, while the broader cryptocurrency market has seen an 11.5% decline, according to CoinGecko. Despite this, Kiyosaki maintains his belief that real assets, not paper ones, are the key to preserving wealth in times of economic uncertainty.
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