Bitcoin (BTC) ultimately stands to go parabolic after the coronavirus ends, the author of the world’s bestselling personal finance book says.
In a tweet on April 15, Robert Kiyosaki, who penned “Rich Dad Poor Dad,” argued that the coronavirus pandemic was “great” for Bitcoin.
Kiyosaki: BTC among “best investments”
The largest cryptocurrency, which has broadly stabilized since crashing to $3,700 in mid-March, is now one of the “best investments” available.
“US gov printing $10 trillion in FAKE US $ to save US. FED printing $10 trillion to save SHADOW Banks,” Kiyosaki summarized. He added:
“Dollar in BULL market for now. When $ BEAR market begins GOLD SILVER BITCOIN parabolic. Best investments today. DO NOT MISS OUT.”
Gold versus Bitcoin 3-month chart. Source: Skew
The popular post capitalized on a narrative that has become increasingly prevalent among Bitcoin supporters and further afield. Despite millions seeking unemployment benefits, stock markets are paradoxically rising.
Central banks buying equity — on a dubious legal pretext — enriches the minority and keeps major market players financially buoyant while all other participants lose out.
Bitcoin beats precious metals’ credentials
The solution is Bitcoin, which Kiyosaki recently highlighted a way to opt-out of the fiat model.
“The reason I endorse Bitcoin is just for one frickin’ reason: You’re not part of the system,” CryptoNewspeople quoted him as saying.
Gold, meanwhile, has already enjoyed a major boost to near its all-time highs from 2011. Even silver, which is less “hard” as money than gold and Bitcoin, has enjoyed a strong resurgence since March.
As noted by Saifedean Ammous, author of the popular book “The Bitcoin Standard,” however, silver is ultimately easy to produce compared to gold, and therefore cannot constitute an attractive money solution.
Bitcoin is the “hardest” form of money, as it is the first form of money that humanity cannot manipulate to produce more quickly. Unlike gold, production of which is limited only by human time, it also has absolute scarcity.