Robert Kiyosaki: Time to Bury the Dollar

Robert Kiyosaki, the renowned investor and best-selling author of “Rich Dad, Poor Dad,” foresees an end to the dominance of the U.S. dollar. This potential change could be ushered in by countries belonging to the BRICS alliance (Brazil, Russia, India, China, and South Africa), which are intensifying efforts to de-dollarize their economies, according to Business Insider.

Recently, the BRICS group made a notable announcement about developing a gold-backed currency. This decision was in line with the global endeavors to dethrone the dollar as the leading global reserve currency. Robert Kiyosaki didn’t mince words when he warned about what’s coming for the dollar.

Kiyosaki tweeted last Tuesday, “A gold-backed cryptocurrency will be introduced by the BRICS countries. The U.S. dollar will die. Trillions of dollars will come back home. Inflation will skyrocket. Buy gold and silver. Bitcoin will rise to $120,000 next year.”

Coming off the back of Russia’s embassy announcement in Kenya about the BRICS group’s plan to launch a unified trade currency, which is backed by gold, Kiyosaki’s warning does seem ominous. The initiation of this de-dollarization process has been spearheaded by Russia and China. China, particularly, is rigorously promoting the use of Yuan in trade while global central banks now resort to a record amount of Yuan usage through currency swaps.

Moreover, alongside China, Iran, and Russia are also developing a unified digital currency backed by gold. However, such plans can only materialize once Moscow regulates the status of digital currencies. India too shares a similar plan to employ the Rupee more frequently.

In light of Kiyosaki’s prediction, it’s evident that the wind of change is blowing in the economic world. Does this mean it’s time to say goodbye to the greenbacks and hello to gold? As the BRICS nations take definitive steps towards economic alterations, it’s worthwhile to have our eyes trained on the global financial sector to see how these predictions unfold.