'Rich Dad Poor Dad' author Robert Kiyosaki warns the dollar 'will die' as BRICS nations eye gold-backed alternative
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- Robert Kiyosaki said the dollar will meet its end as dedollarization efforts ramp up among BRICS nations.
- Recently, the BRICS group of countries said they are working on a trading currency backed by gold.
- That comes as several nations step up efforts to dethrone the dollar as the world's reserve currency.
"Rich Dad Poor Dad" author Robert Kiyosaki issued a dire warning for the US dollar as BRICS nations push for an alternative to the greenback in trade and investment.
"BRICS nations announce gold backed crypto. US $ will die. Trillions of US $ rush home. Inflation through the roof. Buy Gold, Silver. Bitcoin to $120k next year," the personal-finance guru said in a tweet on Tuesday.
Kiyosaki's comments follow a recent announcement by the Russian Embassy in Kenya that the BRICS group of countries – which include Brazil, Russia, India, China, and South Africa – are planning to introduce a common trading currency backed by gold.
The plan highlights a push to "de-dollarize" among several global nations amid growing concerns about Washington's ability to weaponize the greenback via economic sanctions.
China has been leading the anti-dollar drive by promoting the use of its own currency in trade, and global central banks now use a record amount of yuan via currency swaps.
Earlier this year, Russia and Iran revealed they're working on a gold-backed cryptocurrency to take on the dollar, but said plans can only advance once Moscow regulates the use of digital assets. More recently, India touted the use of the rupee for trade.
But even as such efforts gather momentum, the greenback remains the world's leading reserve currency, accounting for nearly 60% of global currency stockpiles as of end-2022, Statista data show.
While Kiyosaki holds a bearish view of the dollar, Nobel economist Paul Krugman has suggested concerns about imminent dedollarization are baseless.