Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Robert Kiyosaki warns of privacy concerns with FedNow service, suggests investing in Bitcoin, gold, silver, and cash

EditorAmbhini Aishwarya
Published 2023-09-29, 07:36 a/m
© Reuters.
XAU/USD
-
XAG/USD
-
BTC/USD
-
XAU/XAG
-

Following the July 20, 2023 launch of the 'FedNow Service,' an instant payment infrastructure developed by the United States Federal Reserve, Robert Kiyosaki, author of the best-selling personal finance book 'Rich Dad Poor Dad,' expressed concerns over its implications on Friday. He urged his followers to invest in Bitcoin (BTC), gold, silver, and cash, foreseeing the potential introduction of a Central Bank Digital Currency (CBDC).

Kiyosaki conveyed his views through a post on September 29. He suggested that the 'FedNow' system might be a precursor to a nationwide CBDC. He warned that such a development could lead to a loss of privacy but also increase the value of traditional assets like gold, silver, Bitcoin, and cash. He believes these assets will become "priceless" and advised investing in them "now before it's too late."

These sentiments echo those of political figures from both sides of the aisle. Democrat presidential candidate Robert F. Kennedy Jr. warned that a CBDC could lead to "financial slavery and political tyranny." Similarly, Republican Representative Tom Emmer reintroduced a bill in September aimed at preventing the development and establishment of a CBDC by the Fed and the Biden administration.

The price of Bitcoin currently stands at $27,162, representing a 2.72% gain on Friday and an increase of 1.83% across the previous week. Despite this recovery in the cryptocurrency market, Bitcoin is still recording a decline of 1.03% on its monthly chart.

Kiyosaki had recently also pointed out on September 20 that time was running out to invest in decentralized finance (DeFi) assets such as Bitcoin, as well as gold and silver.

While the Federal Reserve acknowledges the potential advantages of CBDCs, including convenient electronic access to central bank money for US citizens, faster and cheaper transactions, and enhancing consumer accessibility to the financial system, concrete plans for the implementation of a CBDC in the United States are yet to be unveiled.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.