The currency Covid-19 health crisis that is gripping the globe and also affecting the markets has many people looking worriedly at the global economy and how a recession might come into play. Part of the fears, in the US especially, is that the Federal Reserve is happy to print ‘infinite amounts of cash’ in order to stimulate the economy.
While this may seem like a viable policy to increase the liquidity of dollars, the issue is that this policy can also lead to hyperinflation and damage the value of the dollar for investors and everyday people.
With the dollar at threat in terms of losing its value, and the stock markets and other traditional assets also suffering in their respective markets, there has been an eye to more traditional, and less correlated, safe haven assets.
Currently, gold, as well as silver, have been doing well in a time where a hedge against the traditional markets is needed. But more and more, Bitocin is coming into the picture, especially considering that it appears to have already bounced from its lows of the Covid-19 impact on the globe.
Famed financial advisor and author of the book Rich Dad Poor Dad, Robert Kiyosaki, has said that in this time of mass money printing, it is worth putting your trust in Bitcoin, gold, and silver.
A Federal cartel
Speaking with famed Bitcoin bull, Morgan Creek Digital co-founder, Anthony Pompliano, Kiyosaki expressed his distrust of the Federal Reserve and its policies.
“The Fed is not a bank, it’s a cartel owned by the richest people on the planet, which we’ll never see,” he said. “The guys that own the Fed control the world.”
“The pandemic is probably real,” Kiyosaki said of coronavirus. “But then you get so desperate, you’ll take the money. It’s communism.”
These measures by the Fed, which many are sceptical of and untrusting, has already led people to seek out safe haven assets, and Bitcoin is one of them recommended by the Author.
Trust in God’s, and the People’s, money
In a tweet, Kiyosaki again referenced the problem with printing money out of thin air and closed by telling people to trust in other assets.
“Q: How does FREE MONEY destroy US $? A: Definition of$.“MONEY is an IDEA backed by CONFIDENCE representing WORK TRULY DONE and is EXCHANGEABLE” Paying people NOT TO WORK destroys CONFIDENCE in Government $ and EXCHANGE of $. Trust Gold & Silver-GODs money Crypto-PEOPLES money,” he tweeted.
