The military conflict in Ukraine has changed the way many people view many things. This includes cryptocurrencies. While some see cryptocurrencies as a way for Russia to circumvent sanctions, for many they have also become an even more safe haven than they were before. Robert Kiyosaki is among them. Let’s take a closer look.
The Ruble’s fall due to conflict
Since the start of the war conflict, sanctions have been raining down on Russia from all sides, and the Russian ruble plunged to rock bottom before slowly beginning to recover. People in Russia lost their savings and money as it became worth several times less from one day to the next. Food and services became more expensive, and the people of Russia experienced the sudden fall in the currency first-hand. As a result, some Russians resorted to cryptocurrencies, which still held their value despite their volatile nature.
Many of you will be familiar with Robert Kiyosaki, the well-known investor and author of the bestselling book “Rich Dad, Poor Dad”. Robert Kiyosaki is also known for backing cryptocurrencies such as Bitcoin and being highly bullish on them. He has long considered them a safe haven. However, he says the war in Ukraine has given cryptocurrencies even more weight as a hedge against inflation. In his tweet, he said that “13% of Ukrainians, 12% of Russians and 8% of Americans own cryptocurrencies. The war conflict thus gives cryptocurrencies the opportunity to prove a safer haven than the government’s fake fiat money.
Tip: Could a major world currency fall?
How does Robert Kiyosaki see it going forward?
The book’s author recently reiterated his strategy on investing. His strategy is to put money into cryptocurrencies and precious metals to survive the current bubble in stocks, real estate, commodities and oil. His plan is simple, he will be entrepreneurial, not enter the stock market, use debt as money, save precious metals, cryptocurrencies and guns. According to Robert Kiyosaki, a depression with hyperinflation is possible in the future.