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Author of ‘Rich Dad, Poor Dad’ Foresees End of USD Dominance as Crypto Grows

Robert Kiyosaki, author of the highly acclaimed personal finance book “Rich Dad, Poor Dad,” expressed a pessimistic view toward the U.S. dollar following reports that BRICS nations have reached an agreement to introduce a currency backed by gold.

The BRICS alliance comprises Brazil, China, Russia, India and South Africa, with recent indications suggesting that an additional 41 countries have expressed interest in joining this alliance, according to reports from RT. The agreement, which was disclosed by Russia Today last week, is expected to be officially announced in August during a summit in Johannesburg, South Africa.

In response to this development, Kiyosaki made a bold statement, anticipating the demise of the U.S. dollar and a significant surge in the value of Bitcoin, predicting it to reach $120,000 per coin. Interestingly, Kiyosaki’s Bitcoin forecast coincides with Standard Chartered’s latest prediction for the cryptocurrency’s price at the end of 2024, surpassing the $100,000 mark.

Kiyosaki has gained recognition for his preference for Bitcoin and precious metals over traditional government-issued currencies. Additionally, he is known for making sensational doomsday predictions about the U.S. financial system and economy. While some of his more catastrophic forecasts have not materialized in reality, his lack of confidence in the U.S. dollar aligns with a growing sentiment, particularly within the cryptocurrency community.

In April, Arthur Hayes, cofounder of BitMEX, predicted that the world might begin to splinter into various currency blocs due to inflationary pressures on the U.S. dollar, potentially leading to the loss of its position as the global reserve currency. During the same period, Jeremy Allaire, CEO of Circle, remarked on the active process of dedollarization, driven by diminishing trust in the U.S. banking system following the failure of Silicon Valley Bank.

Even former U.S. President Donald Trump, despite his skepticism towards Bitcoin, predicted that the dollar would lose its status as the world’s reserve currency. He expressed concern about the depreciation of the currency, stating, “Our currency is plummeting and will no longer serve as the global standard, marking one of our most significant defeats in the past two centuries.”

Signs of countries moving away from the U.S. dollar for global trade have already emerged this year. For instance, in March, French and Chinese energy companies agreed to settle a liquefied natural gas deal using the Chinese yuan, bypassing the use of the USD. Similarly, China and Brazil signed a trade agreement, opting to transact in their respective local currencies instead of the U.S. dollar.

These favorable perceptions about cryptos are likely to act as tailwinds for industry actors such as Canaan Inc. (NASDAQ: CAN) in their bid to grow their penetration of different market.

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