Robert Kiyosaki says “BYE-BYE Bitcoin”; Government will seize all cryptocurrencies

Introduction

Robert Kiyosaki, author of Rich Dad Poor Dad, tweeted “BYE-BYE Bitcoin” on Tuesday, asking his over 1.8 million followers if they have a plan B. 

The New York Times Best Seller for over six years, Kiyosaki predicted that after the U.S. Executive Order to regulate crypto is signed by President Biden, next will be the introduction of a Fed Crypto. And next, “all crypto currencies will be seized and folded into the government crypto”.

But the author who sold more than 32 million copies of Rich Dad Poor Dad couldn’t quite sell the idea of a seized crypto by the US government to most of his followers. The prediction was not anywhere near a best seller.

Kiyosaki’s tweet was heavily criticized by players in the crypto space. Many questioned Kiyosaki’s knowledge of bitcoin and cryptocurrencies in general, calling him out as one who never understood bitcoin and crypto. This is because although bitcoin can be traced because it is built on a public blockchain, it is not a thing any authority, including the U.S. Federal Reserve can seize, except the U.S. Federal Reserve took control of the private keys of bitcoin holders.

Although some followers commented that the U.S. government could indeed seize bitcoin by simply declaring it illegal and ordering that holders hand over control to it, many considered such a possibility laughable as “bitcoin isn’t gold, but digital gold”. 

Interestingly, until his tweet on Tuesday, Kiyosaki was so bullish on bitcoin. Gold, silver, and bitcoin had always been his recommendation to people looking to hedge against inflation.

Bitcoin price moved from about $37,500 on 8 March to over $42,000 on 9 March. At the time of writing, bitcoin price is about $39,200. In other words, the U.S. Executive Order may have actually boosted bitcoin price.

So “BYE-BYE bitcoin” hasn’t quite kicked off yet. Perhaps it is high time Kiyosaki wrote a new book, Rich Son Poor Dad.