US Bizman, Author Tells Businesses To Stack Bitcoin

Robert Kiyosaki, the writer of the bestselling private finance e book “Wealthy Dad, Poor Dad,” has fired one other monetary warning shot, this time focusing on the US greenback and a possible challenger – a gold-backed stablecoin from the BRICS nations (Brazil, Russia, India, China, and South Africa).

Kiyosaki, a longtime advocate for “actual cash” like gold, silver, and Bitcoin, fears the BRICScoin might set off hyperinflation within the US, inflicting the greenback to lose its international dominance and in the end collapse.

Hyperinflation Or Hyperbole?

Whereas Kiyosaki paints a stark image of a greenback deluge flooding the US economic system, specialists stay divided on the BRICScoin’s true impression. The very existence of the stablecoin remains to be below dialogue throughout the BRICS alliance.

If it does materialize, its main objective would seemingly be to facilitate inner commerce between member international locations, doubtlessly decreasing their dependence on the US greenback for worldwide transactions.

At present in South Africa a rustic I like. Watching and listening to rumors of what’s going to occur when BRICS nations, Brazil, Russia, India, China, South Africa produce BRICS crypto, presumably backed by gold. If BRICS gold crypto occurs trillions in pretend cash, fiat US {dollars}…

— Robert Kiyosaki (@theRealKiyosaki) May 12, 2024

This shift might undoubtedly chip away on the greenback’s international hegemony, however monetary specialists are extra cautious than Kiyosaki in terms of predicting hyperinflation. The US economic system, regardless of its challenges, nonetheless holds vital weight. An entire greenback collapse appears unlikely within the instant future.

On Hyperinflation And Stablecoins

So, what precisely is a BRICScoin, and why does Kiyosaki concern it a lot? Stablecoins are cryptocurrencies pegged to a real-world asset, like gold, to forestall the wild worth fluctuations usually related to conventional cryptocurrencies.

Bitcoin is at present buying and selling at $62.584. Chart: TradingView

A gold-backed BRICScoin would theoretically supply stability and doubtlessly problem the dominance of the US greenback in worldwide commerce, notably for commodities like oil at present priced in {dollars}.

Kiyosaki: A Prophet Or Provocateur?

Kiyosaki isn’t any stranger to daring monetary predictions. Whereas his “Wealthy Dad, Poor Dad” collection has offered thousands and thousands of copies, a few of his previous forecasts haven’t materialized.

His dire warnings in regards to the US greenback and hyperinflation needs to be taken with a grain of salt, particularly contemplating his vested curiosity in selling different property like gold and Bitcoin.

Past The Hype: Constructing A Resilient Portfolio

The BRICS stablecoin, if it materializes, is unlikely to be an in a single day revolution. However it might sign a shift within the international monetary panorama. The US, dealing with a possible erosion of its greenback dominance, might need to concentrate on strengthening its personal financial fundamentals.

Featured picture from Getty Pictures, chart from TradingView