Financial guru Robert Kiyosaki said Wednesday that George Washington would have been a Bitcoin BTC/USD advocate, citing the U.S.’s founding father’s views on “paper money.”
What Happened: Kiyosaki, author of the best-selling book “Rich Dad Poor Dad,” remembered the words of the first U.S. president.
"We may one day become a great commercial and flourishing nation. But if, in the pursuit of the means, we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy. “
“Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice."
Citing these views, Kiyosaki said, “America's 1st President George Washington would have been into Bitcoin.”
Bitcoin supporters have consistently backed the idea that high money printing could lead to inflation, devaluing the dollar, and sending Bitcoin, which they deem as an inflation hedge, soaring.
The second quote appears in a letter Washington wrote to Jabez Bowen, the then-deputy governor of Rhode Island, according to the U.S. National Archives.
While the source of the first quote was not immediately clear, Washington expressed alarm about the “emission of paper currency” in a letter to Thomas Jefferson, the third president of the U.S., in 1786.
See Also: Bitcoin, Ethereum, XRP, Dogecoin Surge As ‘Big Beautiful Bill’ House Vote Nears
Why It Matters: Kiyosaki’s views on Bitcoin and other forms of hard money have been consistent. He has repeatedly warned of a potential global monetary collapse and advised his followers to invest in gold, silver, and Bitcoin.
He has been vocal about his skepticism towards traditional cash savings and that current market conditions are ripe for investments in secure and cost-effective assets.
Kiyosaki has been vocal about his skepticism towards traditional cash savings, having shifted his focus to Bitcoin, gold and silver, He has predicted that silver prices could potentially reach $200 within the next two years.
However, several of his previous predictions have proven to be extremely inaccurate. He predicted Bitcoin would reach $100,000 in June 2024. Needless to say, the forecast was well off target. He even set an unrealistic price target of $350,000 for August 2024.
Price Action: At the time of writing, BTC was exchanging hands at $108,816.37, up 2.45% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has surged 17%.
Photo Courtesy: William Potter on Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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