'Rich Dad Poor Dad' Author Robert Kiyosaki Defends Crypto As Bitcoin Falls 30% From Record High

Author of popular financial literacy book 'Rich Dad Poor Dad', Robert Kiyosaki reiterated his faith in cryptocurrency shortly after Bitcoin dropped below the $90,000-mark.

Even as the cryptocurrency rebounded slightly on Tuesday in early trade, the Bitcoin has come off its recent highs of $126,000 in October to hover around $90,000 in recent days, marking a drop of 30%.

While replying to Berkshire Hathaway CEO and veteran investor Warren Buffett's stark critique of Bitcoin as being a "speculation" and not an investment, he wrote an elaborate post on social media platform X.

In the post he highlighted that Buffett himself invests in stocks, bonds, and other Wall Street manufactured "assets."

"Doesn’t WB know that stocks crash, real estate crashes, and US govt Bonds the “safest” investments in the world are at present being “dumped” by the Japanese and Chinese Central Banks?", he remarked.

Further, Kiyosaki said he classified Bitcoin, Ethereum and other crypto as "People’s Money", citing the real reason for investing in these assets as not trusting the Federal Reserve Bank, US Treasury, or Wall Street. He also took a shot at Buffett saying that the Berkshire Hathaway CEO is "tight" with them.

Elaborating on his distrust, Kiyosaki underlined, that he considers Fed, US Government, and Wall Street money as "fake money", and that he prefers "real money" or "people's money".

"I trust 'Block Chain' more than Big 8 CPA firm…or any accounting firm auditing Wall Street money... Neither do I invest in fake, paper real estate, call REITS. ETFs and REITS are along with stocks, bonds, mutual funds….printed money….aka "counterfeit money", he said.

The author further remarked, when real assets like real gold, silver, and Bitcoin are available why should he invest in "paper assets."

"I do not live in a paper house or put paper gas in my car or eat paper apples", he said and went on to explain that people invest in these fake assets because the Marxist school systems do not teach financial education.