Bleak crypto future? Book author warns we are in the biggest bubble in history

Famed “Rich Dad, Poor Dad” author Robert Kiyosaki has predicted a bleak future for the economy and crypto market.

He says we live in the biggest bubble in human history – with stocks, real estate, commodities and oil all experiencing bubbles.

Kiyosaki added that hyperinflation and despair are also on the table.

Crypto Prediction

The author of the book predicts that the US government will confiscate all cryptocurrencies when US President Joe Biden signs an executive order on cryptocurrency – which the president did on Wednesday.

Bitcoin is out, he writes, and a “Fed crypto” will be launched after the signing of Biden’s EO.

Kiyosaki has warned about depression in the past, and this one is no exception. As late as December last year, he warned that a major economic disaster was imminent.

Related article | Huge Amount of ‘Sleeping’ Bitcoin Moved After Over 11 Years of Hibernation

Decentralized cryptocurrencies such as bitcoin and ether cannot be frozen or seized within the network itself.

“That’s why he’s so excited about bitcoin,” said US Senator Ted Cruz.

Biden Signs Crypto EO

Biden’s crypto directive aims to create a “national digital asset strategy for six key goals.”

A government strategy to manage the dangers and reap the potential benefits of digital assets is set out in the Implementing Order, among other things.

The presidential order asks the Treasury and other agencies to “review and produce policy recommendations” to “protect American consumers, investors and businesses.”

Related article | Bitcoin on track to hit $100K in nine months, Bitbull CEO predicts

Biden’s executive order also calls for a report on the future of money and payment systems by the Treasury Secretary.

The second objective is to “maintain financial stability in the United States and around the world.”

Total Market Cap of Crypto at $1,736 Trillion on the Daily Chart | Source: TradingView.com

The role of the treasury

Treasury Secretary Janet Yellen says the Treasury will expand National Risk Assessments, which highlight critical concerns about illicit financing related to digital assets under presidential order.

As a fourth objective, the Department of Commerce is tasked with developing an adequate framework to “promote US leadership in technology and economic competitiveness to strengthen US leadership in the global financial system.”

A threat to the financial market?

For his part, Cornell University economics professor Eswar Prasad discussed Biden’s EO on cryptocurrency regulation with CNBC.

Prasad has warned of the dangers of bitcoin for the stability of monetary and financial markets.

He said the purpose behind the executive order is to “think about the usefulness of these diverse assets and technologies and thus control them.”

Meanwhile, Kiyosaki said he plans to “become an entrepreneur as a second option”.

“Stay out of the stock market, build your wealth and use debt as $,” he said.

Featured image of Intelligence Squared, chart from TradingView.com

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