A dark crypto future? Book author warns we’re in the biggest bubble in history

Famous “Rich Dad, Poor Dad” author Robert Kiyosaki has predicted a bleak future for the economy and the crypto market.

He says we’re living in the biggest bubble in human history – with stocks, real estate, commodities and oil all experiencing bubbles.

Kiyosaki added that hyperinflation and desperation are also on the table.

Crypto prediction

The book’s author predicts that the US government will seize all cryptocurrencies when US President Joe Biden signs an executive order on cryptocurrency – which the President did on Wednesday.

Bitcoin is out, he writes, and a “crypto Fed” will be launched after Biden’s EO is signed.

Kiyosaki has warned against depression in the past, and this is no exception. As recently as December last year, he warned that a major economic disaster was in sight.

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Decentralized cryptocurrencies such as bitcoin and ether cannot be frozen or seized inside the network itself.

“That’s why he’s so excited about bitcoin,” according to US Senator Ted Cruz.

Biden signs Crypto EO

Biden’s crypto directive aims to create a “national strategy for digital assets through six important goals.”

A government strategy to manage the dangers and utilize the potential benefits of digital assets is outlined in the executive order, among other key factors.

The presidential order directs the Treasury and other agencies to “review and produce policy recommendations” to “protect American consumers, investors, and businesses.”

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Biden’s executive order also calls for a report on the future of currency and payment systems by the Secretary of the Treasury.

The second goal is to “maintain financial stability in the United States and around the world.”

Crypto total market cap at $1.736 trillion on the daily chart | Source: TradingView.com

The role of the Treasury

Treasury Secretary Janet Yellen said the Treasury will expand the National Risk Assessments, which highlight critical illicit finance issues related to digital assets under the Presidential Order.

As a fourth goal, the Commerce Department is tasked with developing an adequate framework to “advance American leadership in technology and economic competitiveness to strengthen American leadership in the global financial system.”

A danger for the financial market?

For his part, Eswar Prasad, an economics professor at Cornell University, discussed Biden’s EO on cryptocurrency regulation with CNBC.

Prasad warned of the dangers of bitcoin for the stability of money and financial markets.

He said the goal behind the executive order is to “start thinking about the usefulness of these various assets and technologies and thereby governing them.”

Meanwhile, Kiyosaki said he plans “to be an entrepreneur as a second option.”

“Stay out of the stock market, build your assets and use dollar debt,” he said.

Featured image from Intelligence Squared, chart from TradingView.com

Grover Z. Barnes