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 also stated that despair and hyperinflation are possible.
Crypto Prediction
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.
In the past Kiyosaki warned against depression. In December 2012, Kiyosaki warned of a serious economic crisis.
Huge Amount of Bitcoin ‘Sleeping’ Moves After 11 Years Of Hibernation| Massive Amount Of ‘Sleeping’ Bitcoin Moved After More Than 11 Years In Hibernation
The network cannot freeze or take control of decentralized crypto currencies like Bitcoin and Ethereum.
“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.”
The executive order outlines a government strategy for managing the risks and maximizing the benefits of digital assets.
The presidential order asks the Treasury and other agencies to “review and produce policy recommendations” to “protect US consumers, investors, and companies.”
Similar Article: Bitbull CEO predicts Bitcoin will reach $100K in nine months| Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts
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 is $1.736 trillion per day | Source: TradingView.com
The Treasury’s Role
Janet Yellen is the Treasury Secretary. She says Treasury will build upon National Risk Assessments that highlight important illicit financing concerns in relation to digital assets.
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.”
Financial Market Risk:
For his part, Cornell University economics professor Eswar Prasad discussed Biden’s EO on cryptocurrency regulation with CNBC.
Prasad warned of the risks of bitcoin for the stability and viability of financial and monetary 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