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The author of the best-selling finance book “Rich Dad, Poor Dad”, Robert Kiyosaki, expressed his concerns about the US dollar and the fact that there’s nothing to back it up. He also holds that cryptocurrencies will eventually replace it.
The finance book “Rich Dad, Poor Dad” went on to sell upwards of 32 million copies, turning it into a multinational sensation. The book advocates the overall importance of financial literacy.
Its author, Robert Kiyosaki, shared his concerns about the current state of the US economy and its currency – the dollar, which isn’t backed by gold since President Nixon conclusively took it off the gold standard in 1971.
Bitcoin will eventually replace the U.S. dollar and all other fiat currencies. When this will happen, nobody knows. However, a recent UBS study concludes that for Bitcoin to replace the U.S. currency, it has to reach a value of about $ 213,000 USD.
Money and Traditional Banking Systems Are Obsolete
Fiat money and traditional banking are a three-thousand-year-old concept and technology, which cannot efficiently support today’s economic model. Therefore, they have to be replaced by a neutral, borderless, and frictionless system, such as a decentralized peer-to-peer electronic cash system: Bitcoin.
A new study from the Imperial College London and eToro claims that cryptocurrencies are not only nearing mainstream adoption, but also the “next step” for money.
‘Cryptocurrencies Have Already Made Significant Headway’
Bitcoin is already being used as both a store of value and speculative investment. Soon, it may become a viable means of payment.
As noted by Independent, Imperial College London’s Professor William Knottenbelt claims:
The world of cryptocurrency is evolving as rapidly as the considerable collection of confusing terminology that accompanies it. These decentralised technologies have the potential to upend everything we thought we knew about the nature of financial systems and financial assets.
World financial chaos and the escalation of trade wars are propelling the global economy onto a dangerous trajectory. As a result, calls for reforming the monetary system are getting louder. For example, Ron Paul, a key U.S. politician, is now openly contemplating the prospect that a combination of gold and cryptocurrencies could eventually replace the U.S. dollar.
Ron Paul: A World-Wide Monetary Crisis Is Fast Approaching
Ron Paul ran for the US presidency on the Libertarian party ticket in 1988. And, he served in the US Congress for several terms, from 1976 until 2013.
China’s central bank has completed a blockchain-based system that digitizes checks in a move to counter fraud in the country.
While individuals like Mark Carney – a Canadian economist who serves as Governor of the Bank of England and Chairman of the G20’s Financial Stability Board – claim that Bitcoin and other cryptocurrencies have “failed” and thus pose no threat to traditional financial institutions, others less invested in the status quo aren’t so sure. If you ask some futurists, cryptocurrencies are set to replace traditional currencies in only a matter of decades.
‘They’re Just More Efficient’
Are Bitcoin and cryptocurrency doomed to fail? Futurists certainly don’t think so.