Renowned author Robert Kiyosaki, famous for his book Rich Dad Poor Dad, recently shared why he owns bitcoin. According to Kiyosaki, bitcoin serves as a safeguard against the theft of wealth through various means, such as inflation, taxation, and stock price manipulation, perpetrated by the Federal Reserve, the government, and Wall Street bankers. In this article, we delve into Kiyosaki's perspective on bitcoin and its role in protecting individuals' wealth.
Understanding Robert Kiyosaki's Stance on Bitcoin
Robert Kiyosaki, the co-author of the best-selling book Rich Dad Poor Dad, provided insights into his ownership of bitcoin. Having sold over 32 million copies in more than 109 countries, Rich Dad Poor Dad has remained on the New York Times Best Seller List for over six years.
In a recent social media post, Kiyosaki stated, "Bitcoin is protection against the theft of our wealth via our money." He further explained that the Federal Reserve, Treasury Secretary Yellen, and Wall Street bankers are responsible for stealing wealth through tactics like inflation, taxation, and stock price manipulation. Consequently, Kiyosaki chooses to invest in bitcoin as a means of preserving his wealth, rather than opting for traditional investment options like stocks, bonds, or fiat currency.
Bitcoin as a Safe Haven
Kiyosaki has consistently voiced concerns about the negative impact of the Federal Reserve, the Biden administration, and Wall Street bankers on the U.S. economy, the U.S. dollar, and the general population. He often refers to fiat currency as "fake money" and warns about the potential demise of the U.S. dollar. In contrast, he views bitcoin as "people's money," while gold and silver are considered "God's money." This perspective aligns with his belief that bitcoin provides a safe haven against the devaluation and manipulation of traditional currencies.
Critical Views on the U.S. Court System
Recently, Kiyosaki expressed his dissatisfaction with the U.S. court system, particularly criticizing the judge presiding over former U.S. President Donald Trump's trial. He raised concerns about the judge's dual role as both a prosecutor and a judge, labeling such a scenario as a "Kangaroo Court." Kiyosaki believes that the integrity of the American judicial system is compromised when judges hold conflicting roles. Following the judge's decision to award $83.3 million against Trump, the Rich Dad Poor Dad author reiterated his sentiment, declaring that "America is finished."
Kiyosaki's Limited Knowledge of Bitcoin
While Kiyosaki consistently recommends bitcoin, gold, and silver as investment options, he admits to having limited knowledge about bitcoin itself. During his Rich Dad podcast, he confessed, "I know nothing about Bitcoin. I just know some very smart people are in it, and thank God I bought early." Despite his lack of in-depth understanding, Kiyosaki has made a bold prediction that the price of bitcoin will soon reach $150,000.
Robert Kiyosaki, the author of the popular book Rich Dad Poor Dad, firmly believes in the value of bitcoin as protection against the theft of wealth by the Federal Reserve, the government, and Wall Street bankers. He sees bitcoin as a reliable safeguard against inflation, taxation, and stock price manipulation. While acknowledging his limited knowledge of bitcoin, Kiyosaki trusts the expertise of those who have invested in it. As the world continues to navigate an ever-changing financial landscape, Kiyosaki's perspective on bitcoin adds another layer to the ongoing debate surrounding the role of cryptocurrencies in preserving wealth.
What are your thoughts on Robert Kiyosaki's views? Share your opinions in the comments section below.
Frequently Asked Questions
How is gold taxed in an IRA?
The tax on the sale of gold is based on its fair market value when sold. Gold is not subject to tax when it's purchased. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
Gold can be used as collateral for loans. When you borrow against your assets, lenders try to find the highest return possible. Selling gold is usually the best option. It's not guaranteed that the lender will do it. They may hold on to it. Or they might decide to resell it themselves. Either way, you lose potential profit.
To avoid losing money, only lend against gold if you intend to use it for collateral. If you don't plan to use it as collateral, it is better to let it be.
Should You Invest in gold for Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. If you are unsure which option to choose, consider investing in both options.
You can earn potential returns on your investment of gold. Retirees will find it an attractive investment.
Gold is more volatile than most other investments. Its value fluctuates over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. This just means you need to account for fluctuations in your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Gold is less difficult to store than stocks or bonds. It is also easily portable.
As long as you keep your gold in a secure location, you can always access it. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold usually rises when the stock market falls.
Another advantage to investing in gold is the ability to sell it whenever you wish. As with stocks, your position can be liquidated whenever you require cash. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
You shouldn't buy too little at once. Begin by buying a few grams. Continue adding more as necessary.
The goal is not to become rich quick. It is to create enough wealth that you no longer have to depend on Social Security.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
How much gold should your portfolio contain?
The amount of capital that you require will determine how much money you can make. You can start small by investing $5k-10k. As your business grows, you might consider renting out office space or desks. So you don't have all the hassle of paying rent. Rent is only paid per month.
You also need to consider what type of business you will run. In my case, we charge clients between $1000-2000/month, depending on what they order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. You might get paid only once every six months.
Decide what kind of income do you want before you calculate how much gold is needed.
I would recommend that you start with $1k-2k worth of gold and then increase your wealth.
What is a Precious Metal IRA?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These rare metals are often called “precious” as they are very difficult to find and highly valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This ensures that you will receive dividends each and every year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. You pay only a small percentage of your gains tax. You can also access your funds whenever it suits you.
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement funds
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Tips for Investing In Gold
Investing in Gold is a popular investment strategy. This is because there are many benefits if you choose to invest in gold. There are several options to invest in the gold. Some people prefer to buy gold coins in physical form, while others prefer to invest in gold ETFs.
You should consider some things before you decide to purchase any type of gold.
- First, you must check whether your country allows you to own gold. If the answer is yes, you can go ahead. Otherwise, you can look into buying gold from abroad.
- Secondly, you should know what kind of gold coin you want. There are many options for gold coins: yellow, white, and rose.
- The third factor to consider is the price for gold. Start small and build up. One thing that you should never forget when purchasing gold is to diversify your portfolio. Diversifying your portfolio includes stocks, bonds, mutual funds, real estate, commodities, and mutual funds.
- Remember that gold prices are subject to change regularly. Therefore, you have to be aware of current trends.
By: Kevin Helms
Title: Robert Kiyosaki: Bitcoin as Protection against Theft by the Fed, Government, and Wall Street Bankers
Sourced From: news.bitcoin.com/robert-kiyosaki-bitcoin-protects-against-theft-by-the-fed-government-and-wall-street-bankers/
Published Date: Thu, 01 Feb 2024 02:30:18 +0000