The impact of the coronavirus will have a negative long-term effect on the economy, bringing forth a major recession and potentially with it, the collapse of the dollar. With the dollar potentially dying in the months and years ahead, a published author, investor, and entrepreneur is recommending that investors buy Bitcoin and gold in preparation for the worst that’s yet to come.
The Coronavirus, Hyperinflation, and the Potential Death of the Dollar
In just the first couple of weeks since the world went into a state of lockdown to prevent further spread of the coronavirus pandemic and “flatten the curve,” it has had a dramatic impact on the economy.
The stock market is collapsing, real estate tumbling, and major industries like the automobile and airline industries appeared to be doomed in the short-term.
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Quarantine conditions across the globe have resulted in a complete halt in productivity, and millions are already without work.
Record-breaking jobless claims are already starting to pile up, and stimulus packages are being prepared to assist small businesses and corporations with weathering the storm.
Individual taxpayers will be issued checks to help them brace the storm.
All of the relief is necessary in order to attempt to save the economy and prevent widespread homelessness and bankruptcy, however, it comes at a substantial cost.
As more and more money is printed at a whim, the cause and effect leads to hyperinflation and potentially the death of the dollar.
Rich Dad Claims Bitcoin, Gold, and Silver Is the Key To Avoid Being Poor Dad
With the death of the dollar potentially on the horizon, what should people do if the current global reserve currency from the leading world superpower falls out of power?
According to published author, entrepreneur, and investor, Robert Kiyosaki, the best move is to buy Bitcoin, gold, and silver.
WHY IS DOLLAR DYING? 2008 Fed printed $4.5 Trillion to save rich. 2020 Fed will have to print $6-8 Trillion, maybe more to save US economy. There is only $9.5 Trillion in gold in WHOLE WORLD. Buy real gold silver Bitcoin. No paper ETF gold or silver. PhDs at Fed are IDIOTS.
— therealkiyosaki (@theRealKiyosaki) April 7, 2020
Kiyosaki is the best-selling author of Rich Dad, Poor Dad, earning himself the nickname “Rich Dad.” He’s also the founder of a company that provides personal finance advice and business education.
Rich Dad suggests that investors buy Bitcoin, gold, and silver as physical assets, and not ETFs to ensure ownership of the underlying asset.
The reason for the suggestion is due to these assets having limited supplies. While the Fed continues to print money left and right, devaluing the dollar, more gold, Bitcoin, or silver can ever be produced – what currently exists, is it.
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Because of the capped supply, these assets have a deflationary attribute and investors often look to gold as a safe haven asset during an economic crisis for this very reason. Bitcoin shares many similarities with gold, earning it the nickname of digital gold.
According to Rich Dad, the Fed has already printed $4.5 trillion in USD, or enough for over 30 full Bitcoin market caps, or half of the entire world’s supply of gold at current prices.
And with much more money required to save the economy, the situation for the dollar is only going to get worse.
Featured image from Shutterstock
