On The Rich Dad Radio Show, Robert Kiyosaki, the author of the popular personal finance series Rich Dad Poor Dad, recently shared his opinion that the US Dollar may be approaching the end of its lifespan.
He explained that a group of nations, known as BRICS (Brazil, Russia, India, China, and South Africa), are preparing to introduce a new currency backed by gold.
Kiyosaki believes that this new currency launch, set to be discussed at a conference in Johannesburg, could cause the US Dollar to lose its status as the world’s reserve currency.
There is an upcoming conference on August 22nd, 2023, in Johannesburg where the BRICS nations plan to introduce their own gold-backed currency.
This development raises questions about the future of the US Dollar. In 1944, the US Dollar became the world’s reserve currency, which means central banks worldwide hold trillions of dollars as reserves instead of gold.
If the BRICS nations adopt a gold-backed cryptocurrency, it could potentially threaten the future of the US Dollar.
While there is some uncertainty surrounding this issue, it is important to consider the implications of these changes in the global financial landscape.
According to Kiyosaki, a prominent advocate of Bitcoin, the changing global landscape and the US losing its status as the reserve currency could be advantageous for BTC.
He believes that when major institutions like Standard Chartered Bank enter the cryptocurrency realm, the general public will start to recognize and adopt Bitcoin as well.
Monitoring liquidity cycles
The analyst also provides further information on global liquidity cycles by comparing the metric against the aggregate major central bank balance sheet, which tracks the money-printing activities of reserve banks worldwide.
According to a chart shared by TechDev, global liquidity seems to be on the verge of an uptrend, as major central banks are expanding their balance sheets.
