Robert Kiyosaki explained his support for bitcoin, recently referring to it as “The People’s Money”, as an asset that operates outside of the traditional financial system. Kiyosaki, author of the popular financial book Rich Dad Poor Dad, appeared on Morgan Creek Digital co-founder Anthony Pompliano’s podcast where he discussed the benefits of bitcoin.
According to Kiyosaki, bitcoin functions as an escape asset that operates outside of the existing financial markets. He said, “The reason I endorse Bitcoin is because for one frickin reason: You’re not part of the system. It’s a separation of government and my money.”
Kiyosaki repeatedly referred to the existing economic model as a manipulated system and commented on the Federal Reserve providing bailouts amid the coronavirus-induce market drop that saw all major U.S. stock market indicies enter bear market territory.
He told Pompliano, “The Fed [Federal Reserve] is not a bank, it’s a cartel owned by the richest people on the planet, which we’ll never see. The guys that own the Fed control the world.”
Kiyosaki criticized the government’s stimulus package as a handout to American citizens, saying the coronavirus pandemic is “probably real” and will see people “get so desperate” they will just “take the money.” He likened the current situation to communism.
[image credit : Twitter]