Renowned financial literacy advocate and "Rich Dad Poor Dad" author, Robert Kiyosaki, recently took to X to share his perspective on the impacts of inflation on different economic classes
Financial educator and author of the bestselling book "Rich Dad Poor Dad," Robert Kiyosaki, recently took to X (formerly Twitter) to share his thoughts on inflation and its effects on different economic classes.
In his post, Kiyosaki pointed out to the disparity between how inflation impacts the poor and middle class compared to the wealthy. He believes that the former group becomes poorer due to their reliance on dollars, and the rich, who prioritize assets like gold, silver, and Bitcoin, become richer.
Recent inflation updates
U.S. inflation has shown signs of a slight decrease, with consumer price increases slowly diminishing. As of Oct. 12, consumer prices in September rose by 0.4% compared to the 0.6% increase in August. However, the year-over-year inflation rate remained consistent at 3.7%. Focusing on core prices, which exclude unstable costs like food and energy, there was a climb of 4.1% from the previous year, a decrease from the 4.3% pace seen in August. This is the smallest increment observed in two years.
Despite these shifts, the month-to-month price hikes still surpass the Federal Reserve's 2% target. Experts believe these inflation figures will not considerably influence the Federal Reserve's outlook, as a gradual inflation decline was already anticipated.
Additionally, Austan Goolsbee, president of the Chicago Fed, expressed confidence in the declining trend of inflation, suggesting that the present state is not just a fleeting anomaly.
The continuing debate among Federal Reserve officials centers around whether further adjustments to the benchmark policy rate will be necessary this year.
Kiyosaki's recent Bitcoin takes
This isn't the first time Kiyosaki has used his platform to spotlight Bitcoin over the past month. In a series of posts throughout September, he offered insights on hyperinflation, emphasizing that it leads to a decline in money's purchasing power. He urged followers to invest in assets like gold, silver, and Bitcoin.
In another post, Kiyosaki warned about the impending arrival of central bank digital currencies (CBDCs) and the potential privacy concerns associated with them. He suggested that traditional assets and cash might become invaluable once CBDCs dominate the market.
Not all of his Bitcoin takes are bullish. As reported by U.Today, Kiyosaki commented on Citibank's announcement of offering blockchain technology to transform institutional savings into tokens for swift cross-border transactions, raising questions about the future of Bitcoin and the U.S. dollar.
