Elon Musk and Robert Kiyosaki’s Shared Perspective: Fiat Currency as a Hidden Scam
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Elon Musk, the CEO of Tesla and SpaceX, thinks that fiat or regular money, like the U.S. dollar and others, is a trick that we have all gotten used to without even noticing. Interestingly, he is not alone in this belief. Robert Kiyosaki, who wrote “Rich Dad Poor Dad,” also warns against investing in these types of money, which he calls “fake.”
Elon Musk, the CEO of Tesla and SpaceX, has recently called fiat currency a “scam” in a tweet . Fiat currency refers to traditional government-issued money, such as the US dollar, euro, or yen, that is not backed by a physical commodity like gold but relies on the trust and…
— Rahman Ali (@RahmanA11135732) October 3, 2023
Elon Musk shared his thoughts on social media when someone asked about things we don’t realize are scams. He simply said, “Fiat currency.” So, what’s fiat currency? It’s money not backed by something valuable like gold; it’s just paper or digital numbers created by governments.
Fiat currency
— Elon Musk (@elonmusk) October 1, 2023
Musk’s point is that governments can print more of this money whenever they want, leading to inflation, where prices go up, and your money becomes less valuable. That is why some people prefer cryptocurrencies, which have limited supplies and can’t be easily inflated.
Musk and others think regular money might not be as reliable as we think, and that’s why they’re exploring alternative ways to store and exchange value.
Elon Musk’s Preference for Cryptocurrency Over Regular Money
Elon Musk has been concerned about regular money for a while. He once tweeted that if regular money loses value, it’s wise to consider other options. He also said that Bitcoin, a popular cryptocurrency, is somewhat similar to regular money but hinted that he prefers cryptocurrencies over regular money.
Musk thinks regular money is not always a smart choice, especially when it loses value due to inflation. He believes cryptocurrencies, like Bitcoin, might be a better alternative because they have some advantages. Overall, he supports the idea of using cryptocurrencies instead of regular money.
Widespread Concerns About Fiat Currency
Many believe that regular or fiat currency is not a good system. Elon Musk isn’t the only one who thinks this way. It is worth noting that Jeff Ross, the founder of Vailshire Capital, says that the fiat currency system is designed to slowly take away the buying power of the people who use it.
The fiat currency system exists to methodically extract purchasing power from its participants.
Today is as good of a day as any to start being your own bank.
Preserve and grow your purchasing power over time with #Bitcoin.
— Dr. Jeff Ross (@VailshireCap) October 3, 2023
Robert Kiyosaki, who wrote “Rich Dad Poor Dad,” also criticizes the U.S. dollar, calling it a scam. He even predicts that the dollar will eventually fail. Kiyosaki prefers things like gold and silver, which he calls “God’s money,” and bitcoin, which he calls “people’s money.”
He advises people to invest in these assets because he believes a massive financial crash is on the horizon, and the era of regular money, or fiat money, is ending. This is why these people think that regular money, controlled by governments, isn’t a safe way to store value, and they recommend alternative options like cryptocurrencies and precious metals.
