Support For Bitcoin Grows As U.S. Dollar Depts Spike High

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by Bhushan Akolkar · 3 min read
Support For Bitcoin Grows As U.S. Dollar Depts Spike High
Photo: QuoteInspector

Popular figures like Robert Kiyosaki and Kim Dotcom have made a sharp attack on the U.S. Dollar calling it a scam. Both further exect cryptos to take over fiat currencies.

Much recently, Robert Kiyosaki – the author of ‘Rich Dad Poor Dad’ turned vocal in full support of Bitcoin and other digital currencies calling them the “currencies of the people”. He also said that in the long run, cryptocurrencies will decimate the fiat currencies while making a very sharp attack on the U.S. Dollar and even calling it a scam.

Off lately, Kiyosaki has been repeatedly saying on several platforms that he expects a crash in the stock market. While talking to Kim Hughes on Sane Crypto Podcast, Kiyosaki said:

“The US Dollar is a scam…I think the dollar is toast because gold and silver and cybercurrency are going to take it out…The US Dollar is gone…In the year 2000 there was one currency, the US Dollar. It was called the reserve currency of the world…and then came bitcoin or cybercurrency.”

Recently Kiyosaki has also released his new book titled ‘Fake: Fake Money, Fake Teachers, Fake Assets’ wherein he says that with the impending crash in the financial markets, he feels that gold, Bitcoin and other digital currencies are a better bet. He said:

“In my new book… I talk about the three types of money today: God’s money, which is gold and silver, government’s money which is fiat currency, which is done by government decree which is the dollar… Then there’s the people’s money, which is cybercurrency on the blockchain technology. Gold is a hedge and I am expecting a collapse on the system…[and] which is why you are into cybercurrencies now… bitcoin and ethereum.”

Earlier, Robert Kiyosaki has correctly predicted the stock-market crashes of the 2000 and 2008 and says that this crash will be even bigger.

Kim Dotcom Considers US Dollar a Toilet Paper

Robert Kiyosaki is not alone in his criticism of the U.S. Dollar. With the increasing debt of the U.S. government by $1 trillion every year, Bitcoin advocate and proponent Kim Dotcom has advised his followers to invest in Bitcoin and gold. In his latest tweet, Kim predicts an economic collapse as the debt keeps on ballooning and even took a sharp attack calling the U.S Dollar a ‘toilet paper.’

Although Kim’s tweets have been controversial, a recent report from the Congressional Budget Office notes that in just the last 10 months, the U.S. federal deficit has spiked by 20%. The decision of introducing tax cuts and increase spendings, by the Donald Trump government has further increased the debt woes. In the last nine months from October 2017-July 2018, spendings have crossed $682 billion, which is $116 billion more over the same period during the last fiscal year.

Although the U.S. economy grew by 4.1% during the Q2 of 2018, analysts said that more growth is needed to overcome the deficits. There is a dark cloud still hovering over the U.S. economy as the deficit is expected to reach over $793 billion by the end of 2018, and possibly over $1 trillion by the next year 2019.

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