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Senators and regulators explain why the $60 billion collapse of a major cryptocurrency is not the industry's Bear Stearns moment
According to Robert Kiyosaki, author of the best-selling personal finance book series "Rich Dad Poor Dad," the United States dollar's reign as the world's reserve currency may be coming to an end.
- According to Robert Kiyosaki, the dollar's hegemony as the world's primary reserve currency may be waning.
- Bitcoin and other decentralized assets like it are on the right side of history because of the decline in faith in the dollar.
- Cryptocurrency has become a "safer refuge" than "government phony fiat currency" because of the Ukraine conflict, he claims.
U.S. dollar hegemony is over, Kiyosaki tweeted on March 15. According to rumors, Saudi Arabia may begin taking the Chinese yuan instead of the dollar when selling oil in Asia. He was alluding to this news.
There is less of a global power in the United States. He went on to say, "It's unclear what will happen after this." Even if Vice President Joe Biden is the poster boy for Western democracy, the most severe blowback yet may be a decline in faith in the currency under his leadership.
Weaponization of the dollar
Since the end of World War II, the dollar has been used as an international trading currency, but it has been politicized in the service of American interests.
A number of other global superpowers are now preparing to reclaim control of their economy by reducing their dependence on dollars as a global trade medium.
China, Russia, India, Iran, and Turkey have all begun to reduce their reliance on the dollar in recent years. These nations are primarily the targets of US economic sanctions and trade tensions.
Discussions for yuan-priced oil contracts have been going on between Chinese authorities and Saudi Arabian counterparts since 2016. According to reports, those conversations have been ratcheted up in recent weeks as Saudi Arabia's security fears have grown.
The yuan is an important part of China's international strategy.
For the most part, India does not see itself as a direct competitor of the United States, but it is taking steps to prevent American sanctions from impeding its commercial relationships.
Russia's military acquisition and sanctions-stricken Iran's crude oil necessitated a transfer to the rupee from the dollar in 2018.
As China and Russia have done, India and the United Arab Emirates have agreed to a currency swap, which is part of a larger tendency to eliminate the dollar as a means of exchange.
There is considerable fear that the broad measures might hasten the extinction of the dollar in global commerce following a series of strong sanctions that have isolated Moscow.
According to Kiyosaki, "Bitcoin is a safe haven, while currency is phony."
Decentralized assets like bitcoin are on the right side of history despite the fact that cryptocurrency has not been proposed as a replacement to the dollar, which is indicative of the political entanglements of fiat currencies.
BITCOIN and WAR. IBD Investors Business Daily reports many Russians using Bitcoin as lifeline after Ruble collapsed. 13% of Ukrainians, 12% of Russians, 8% of Americans own Crypto. Ukraine/Russian War giving rise to crypto as a safer haven than government Fake Fiat money.— therealkiyosaki (@theRealKiyosaki) March 15, 2022
The crisis in Ukraine, according to American entrepreneur and author Robert Kiyosaki, has given "birth to crypto as a safer shelter than government phony fiat currency."
Before, he accused the Federal Reserve and Treasury Department of 'destroying' the currency and'sending billions of savers and uneducated to financial hell,' according to best-selling book.
If you want to "get to financial heaven," Kiyosaki advised you to store bitcoin, gold, and silver. He didn't go into detail about how the dollar was wiped out.
In Africa, the dollar is being resisted.
It is already being challenged by growing payment methods in financial technology and local African fiat currencies in Africa, where assistance difficulties are coupled to a number of frequently unreasonable conditions.
More individuals in the continent of 1.2 billion used their native currencies, mobile money, and potentially cryptocurrencies than the dollar over the four years leading up to 2017.
Many people who have been victims of traditional financial instruments and the involvement of payment processors with major state interests have turned to cryptocurrency as a remedy.
Long-term, substituting other fiat currencies for the US dollar might lead to similar issues, all of which silently supports a censorship-resistant cryptocurrency that is unaffected by outside interference.
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