‘Rich Dad Poor Dad’ Author Says Bitcoin Perfectly Positioned as Sun Sets for Dollar Hegemony

Robert Kiyosaki, author of the best-selling personal finance series “Rich Dad Poor Dad,” said the dollar’s dominance as the world’s reserve currency of choice may be coming to an end.

“us [dollar] hegemony [is] end,” Kiyosaki Say In a tweet on March 15. He was referring to reports that Saudi Arabia may start accepting yuan instead of dollars to sell oil to the vast Asian nation.

“The United States is not a world power. What happens next is debatable,” he added. As President Joe Biden presides over a geopolitical transition as the poster child for Western democracy, perhaps the most significant pushback to date has been a loss of confidence in the dollar.

weaponization of the dollar

The U.S. dollar has been used as an international trade currency since the end of World War II, and has been politicized as a weapon in the service of U.S. interests.

Now, other global powers are betting on taking back control of their economies by phasing out the dollar as the de facto medium for global trade.

Over the past few years, China, Russia, India, Iran and Turkey — countries largely affected by U.S. economic sanctions and trade conflicts — have begun to reduce their reliance on the dollar.

In Saudi Arabia, Chinese officials have been discussing yuan-denominated oil contracts since 2016. Those talks have reportedly accelerated in recent weeks amid growing Saudi concerns about U.S. commitments to Saudi security.

China’s international ambitions include expanding the circulation of the yuan.

Unlike other dollar skeptics, India doesn’t look like a U.S. competitor, but the populous nation is taking steps to ensure U.S. sanctions don’t hamper its trading partnerships.

The Asian giant had to switch from the dollar to the rupee in 2018 to make military purchases from its BRICS partner Russia, as well as from sanctions-hit Iranian crude.

The currency swap agreement between India and the United Arab Emirates is part of a trend by China and Russia to use the U.S. dollar as a medium of exchange.

After a series of draconian sanctions that isolated Moscow, there are fears that the sweeping measures could hasten the dollar’s demise in global trade.

‘Bitcoin is safe haven, fiat is fake’, says Kiyosaki

While cryptocurrencies have yet to be listed as an alternative, the loss of confidence in the U.S. dollar is a symptom of the political entanglement of fiat currencies and places decentralized assets like Bitcoin on the right side of history.

American businessman and author Robert Kiyosaki said the Ukraine war “made cryptocurrencies a safer haven than counterfeit government fiat money.”

The best-selling author has previously accused the U.S. central bank, the Federal Reserve and the U.S. Treasury of “destroying the dollar” and sending “billions of savers and unwitting people into financial hell.”

While Kiyosaki didn’t explain how the dollar was destroyed, he did point to an example where investors would be more appropriate — encouraging investors to save bitcoin as well as gold and silver so they could “go to financial heaven.”

Dollar faces resistance in Africa

In Africa, where aid issues are linked to a series of often unreasonable demands, the dollar’s dominance as a settlement currency has been challenged by emerging payment methods in financial technology and Africa’s native fiat currency.

In the four years to 2017, fewer people transacted with the U.S. dollar than with local or mobile money, and perhaps cryptocurrencies, in the continent of 1.2 billion people.

In the past, cryptocurrencies have been the solution to situations where other players fall victim to traditional financial instruments and payment processors are complicit in powerful national interests.

Replacing the dollar with other fiat currencies could raise similar issues in the long run, all quietly making the case for censorship-resistant cryptocurrencies free from international interference.

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