Earlier this year, Robert Kiyosaki, the author of ?Rich Dad Poor Dad? predicted that Gold and cryptocurrencies would replace fiat currencies within the next three decades. It looks as if that prediction might come true following a recent statement by a former presidential candidate that plans for such changes are already underway.
U.S politician Ron Paul who vied for the US presidential seat in 1988 claims that efforts to replace fiat currency with digital currencies and gold are already in place. He accused the U.S Federal Reserve of fueling inflation through the mismanagement of loans and savings. Paul also believes that a global monetary crisis might happen soon given the ongoing financial situation.
?This is why the call for monetary reform is getting louder. These dangers prompt a growing number of people to plan for an alternative monetary system,? stated the U.S politician.
Paul also pointed out that numerous countries are already laying down the foundations of systems that will challenge the U.S dollar as the reserve currency of the world. The former Presidential aspirant has also become a crypto advocate who has been urging people to invest in retirement accounts that are based on cryptocurrencies.
Paul accused the U.S government of publishing false reports that indicate low inflation as part of its plan to raise prices to indicate economic growth. He also claims that the government has also been lying about Gross Domestic Product and Consumer Price Index figures to indicate growth. His claims might have some truth to them especially given that the U.S is expected to hit the $1 trillion mark by 2020 according to Bloomberg.
Will cryptocurrency and gold help avert the prophesied crash?
The U.S politician is convinced that going back to using gold as a standard measure of value and also using cryptocurrency might be the best bet against the impending doom on the financial market. Many Greek citizens seem to have turned to cryptocurrency after the country suffered a massive financial crisis back in 2010. The adoption of cryptocurrency globally is already underway but banking and financial institutions have been causing a lot of friction.