August 17, 2022

Well-known “Wealthy Dad, Poor Dad” creator Robert Kiyosaki has predicted a bleak future for the financial system and the crypto market.

He says we stay within the largest bubble in human historical past — with shares, actual property, commodities, and oil all experiencing bubbles.

Kiyosaki added that hyperinflation and despair are on the desk as nicely.

Crypto Prediction

The e book creator predicts that the US authorities will seize all cryptocurrencies when US President Joe Biden indicators an government order on cryptocurrency — which the President did, on Wednesday.

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

Kiyosaki has warned of despair previously, and that is no exception. As just lately as December of final yr, he cautioned {that a} main financial catastrophe was within the offing.

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Decentralized cryptocurrencies comparable to bitcoin and ether can’t be frozen or seized contained in the community itself.

“That is why he’s so obsessed with bitcoin,” in accordance with US Senator Ted Cruz.

Biden Indicators Crypto EO

Biden’s crypto directive is aimed toward making a “nationwide technique for digital property throughout six essential targets.”

A authorities technique to handle the hazards and make the most of the potential benefits of digital property is printed within the government order, amongst different key components.

The presidential order asks the Treasury and different businesses to “evaluation and produce coverage suggestions” to “shield US customers, buyers, and firms.”

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Biden’s government order additionally requires a report on the way forward for cash and fee programs by the secretary of the Treasury.

The second goal is to “keep monetary stability in the USA and the world over.”

Crypto whole market cap at $1.736 trillion on the each day chart | Supply: TradingView.com

The Treasury’s Function

Treasury Secretary Janet Yellen says the Treasury will broaden upon the Nationwide Threat Assessments, which spotlight essential illicit financing issues linked with digital property beneath the presidential order.

Because the fourth goal, the Division of Commerce is being directed to develop an enough framework to “advance US management in know-how and financial competitiveness to strengthen US management within the international monetary system.”

A Hazard To The Monetary Market?

For his half, Cornell College economics professor Eswar Prasad mentioned Biden’s EO on cryptocurrency regulation with CNBC.

Prasad has warned in regards to the risks of bitcoin to the soundness of financial and monetary markets.

He mentioned the purpose behind the chief order is to “begin excited about the usefulness of those various property and applied sciences and thus govern them.”

In the meantime, Kiyosaki mentioned he plans to “be an entrepreneur as a second possibility.”

“Keep out of the inventory market, assemble your property, and make the most of debt as $,” he mentioned.

Featured picture from Intelligence Squared, chart from TradingView.com