American investor Robert Kiyosaki reiterated calls for investment in cryptocurrencies and precious metals on Friday — contending that the US dollar was on its way out. The Rich Dad Poor Dad author claimed that the BRICS grouping had announced its own ‘gold-backed’ currency and sounded a fresh warning about ‘hyperinflation’. The remarks came even as Russian President Vladimir Putin met with Indian Prime Minister Narendra Modi during a closely-watched trip this week.
‘Bye-bye US dollar’
“BRICS: Brazil, Russia, India, China, South Africa announces the ‘Unit’ — a gold-backed ‘money’. Bye-bye US dollar! Stand by, stay awake, stay tuned in. Don’t be a loser. My forecast is that savers of the US dollar will be the biggest losers. If you own US Dollars….hyperinflation may wipe you out. I stand by my mantra, own gold, silver, Bitcoin, and Ether. Take care, stay alert,” he wrote on X.
The prominent investor has been vehement in his support for assets such as gold, silver, Bitcoin and Ethereum in recent months — recently calling silver “the best and the safest” option.
New BRICS currency?
Claims about a US dollar alternative have circulated repeatedly over the past two years without any official announcement. Vladimir Putin had also sparked buzz about a new currency after photos showed the Russian President holding a prototype ‘BRICS banknote’ during the Kazan Summit in October 2024. Top officials have subsequently clarified that the group has no immediate plans for a currency launch.
“There is no need for haste. And if there is no hurry, then you will avoid many grave mistakes. Let’s have a look at Europe. They created the euro system, and in that euro zone several countries were economically unprepared for a single currency. Hence, problems with regulating several issues related to the social system. You know you cannot simply work with the national currency because there is one single currency. Hence, problems with the budget. We do not have this goal of building a single currency in BRICS at this stage in point. This has to be done very carefully, prudently and we need to use national currencies. We need to use the wider capacity of the new development bank of BRICS,” he told India Today ahead of a visit to India.