The dollar has responded favourably to the Federal Reserve’s decision to raise interest rates to historical levels, gaining ground at the cost of other global fiat currencies. Notable among the currencies doing badly versus the dollar is the British pound.
Robert Kiyosaki, author of the personal finance book “Rich Dad, Poor Dad,” thinks the dollar’s strength will be temporary despite its recent success.
In a tweet published on October 1, Kiyosaki said that the dollar might fall in early 2023 and proposed silver as a potential hedge against a probable dollar meltdown.
“Will the U.S. dollar follow the British pound? I think it will. I anticipate the U.S. currency will fall in January 2023 after a Fed policy shift. To benefit from the collapse of the U.S. dollar, I purchased a great deal more U.S. silver Buffalo rounds. Silver is a bargain,” stated Kiyosaki.
In a recent tweet, Kiyosaki also indicated that the United States and the United Kingdom had a historical connection that may affect the financial markets.
“AMERICA’s BIRTHPLACE is NEW ENGLAND. Old ENGLAND perished this week. This week, both the Old English Pound and old English pensions passed away. Is America’s NEW ENGLAND the next target? Remember that recessions make the wealthy wealthier. Don’t make the same mistake as the Old English of Old England. Think and act with NEW vitality,” he said.
The current Kiyosaki stance on the dollar comes after he earlier warned that the world markets would likely undergo a “catastrophic meltdown” and that investors should invest in cryptocurrencies prior to the dollar’s replacement.
Simultaneously, Kiyosaki had previously predicted the demise of the dollar, referring to it as “false money,” and advised investors to purchase silver, which he said would increase to almost $500.
In general, other fiat currencies are declining as their various central banks strive to match the practices of the Fed. Notably, there are indications that the Fed will continue with its rate hikes since cutting rates would be disastrous for the soaring inflation.
Intriguingly, the strong dollar has directly resulted in losses in other global fiat currencies, with the majority of investors opting to hedge using Bitcoin (BTC). In this instance, Finbold claimed that citizens of the United Kingdom and the European Union are selling pounds and euros at record rates in order to purchase Bitcoin.