Kiyosaki Criticizes Fiat but Bullish on Bitcoin

Though we’ve seen Bitcoin reach below $6,000 this year, many are living the nightmare all over again as Bitcoin is currently within $6,300. In addition to this, some experts even see Bitcoin headed towards $4,000. If you are going to ask Rivermont Crypto Fund, a company that is based in Canada, Bitcoin’s $6,000 region is a crucial support for the cryptocurrency.

Where Does Bitcoin Go Next?

There debate within the crypto niche where Bitcoin is headed next. Last month, when there was the anticipation towards the possible approval of Bitcoin ETF, we’ve seen Bitcoin reach all the way to $8,500. It crashed all the way back to $6,100 when the agency decided that it’s a good idea to postpone their decision. They also declined the crypto-ETF application by the Winklevoss twins.

The current mood of the market is that everyone is actually waiting for a trigger such as a sign that the SEC is going to approve a Bitcoin ETF soon. Pantera CEO Dan Morehead thinks that the entire market is overreacting over the fact that Bitcoin slipped after the SEC decided not to approve any Bitcoin ETF lately.

Vitalik Buterin, the co-founder of Ethereum also expressed his opinion on Bitcoin ETFs. He thinks that it the crypto market should consider adoption more important than having a Bitcoin or crypto-related ETF.

Robert Kiyosaki Is Bullish on Bitcoin

Surprisingly, you also have the likes of Robert Kiyosaki who turns out to be a believer in Bitcoin. He thinks that the US economy and mainstream financial system is heading towards collapse. In fact, he believes that we are going to see a worse version than 2008 in terms of damage to investors and financial loss.

Kiyosaki mentioned that “Unfortunately we had a big crash in 2000, they called it the dotcom crash, then in 2008 it was the subrime real estate crash. The next is going to be the biggest of all. When it’s coming I don’t really know, but the foreshocks are sounding right now”.

And it didn’t end there. Kiyosaki also had harsh criticisms for fiat. In fact, he threw the same criticism typically thrown in the direction of cryptocurrencies. He mentioned that there is little intrinsic value that backs the dollar. He said that “there’s so much fake money. In 1971 Nixon took the dollar off the gold standard and the US dollar became fake money”.

This is the same idea that has been mentioned recently by controversial internet pirate Kim Dotcom, He believes that people should consider buying gold and Bitcoin at this point considering the worsening US economy. The budget deficit is expected to hit $1 trillion by next year.

Kiyosaki believes that the average person can find safety from the influence of Wall Street and banks when they invest in cryptocurrencies. And in reality, this is now becoming a trend in different parts of the world. You have individuals from Venezuela using cryptocurrencies. In fact, Dash is becoming a popular option among businesses. And also, you have the fact that there is an increased number of crypto miners in the country since Venezuela is dealing with hyperinflation.