IMPORTANT POINTS:
- End of the US dollar: Kiyosaki warns of historic changes after BRICS conference.
- BRICS launches gold-backed currency: The end of the dollar as a global reserve?
- Bitcoin as a safe haven: Standard Chartered Bank supports cryptocurrency and forecasts strong rise.
Robert Kiyosaki, well-known author of the acclaimed “Rich Dad Poor Dad” series of personal finance books, forecasts an uncertain future for the US dollar.
According to his statements in a recent edition of “The Rich Dad Radio Show”, the end of the hegemony of this currency is near, since a group of nations is ready to present a new currency backed by gold.
Kiyosaki warns that the US dollar could become obsolete after the BRICS (Brazil, Russia, India, China and South Africa) conference will be held this month in Johannesburg, where details to launch their new currency will be discussed.
According to the renowned finance expert, this move by the BRICS could trigger the loss of the dollar’s status as a global reserve currency.
“One of the most significant changes in world history will occur on August 22, 2023. The BRICS countries will hold a conference in Johannesburg to present their new gold-backed currency. What does this imply for the US dollar?
In 1944, the US dollar became the world’s reserve currency. This implies that central banks around the globe have trillions, not billions, of dollars stashed away, for that is what it means to be a reserve currency: the world’s banks were supposed to hold dollars instead of gold. I hope I’m wrong, but if they adopt a gold-backed cryptocurrency, the US dollar will be in deep trouble.”
Kiyosaki, an enthusiastic promoter of Bitcoin, has suggested that this cryptocurrency could be one of the big winners from the change in the world order and the loss of reserve currency status by the United States.
However, he points out that when large institutions join the world of cryptocurrencies, as is the case with Standard Chartered Bank, people will begin to value and use Bitcoin.
“One of the challenges of Bitcoin is that people don’t accept it, they don’t understand what it means. Standard Chartered Bank, a major Asian bank, has just endorsed Bitcoin, and forecasts that by 2023 Bitcoin will hit $50,000. It’s not Robert Kiyosaki saying it, it’s Standard Chartered Bank. Today it is at $30,000 [and] furthermore, Standard Chartered predicts that Bitcoin will reach $120,000 in 2024, from $30,000. I’m not saying it’s going to happen, we’re not issuing recommendations.”
