Bitcoin and The End of Fake Money
Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business
The Rich Dad Company
4.1 • 3.9K Ratings
🗓️ 2 October 2024
⏱️ 40 minutes
🧾️ Download transcript
Summary
The Devaluation of Money: A Historical Look
Robert Kiyosaki kicks off the conversation by recalling the end of real silver in U.S. currency, using the example of the 1964 Kennedy half-dollar. Post-1964, U.S. coins were primarily copper, marking a pivotal shift in the nation’s monetary system. Kiyosaki references *Gresham's Law* and how bad money (like copper) drove out good money (like silver), igniting his lifelong study of the financial system.
Why Bitcoin is "Digital Gold"
Anthony Pompliano dives into the reasons why Bitcoin has emerged as a form of sound money, much like gold. He emphasizes Bitcoin’s finite supply of 21 million coins and its decentralized nature, making it resistant to inflation and manipulation. With growing distrust in fiat currencies, Bitcoin offers a secure alternative, operating on Blockchain technology that provides transparency and security.
Financial Education: The Key to Wealth Protection
Both Kiyosaki and Pompliano stress the importance of financial literacy in today’s economy. Kiyosaki highlights how leaving the gold standard changed his perspective on money and why investing in assets like gold, silver, and Bitcoin is vital. Pompliano further supports this by discussing his book *How to Live an Extraordinary Life*, emphasizing the need to adapt financial strategies to the modern economy.
The Future of Sound Money
As Bitcoin nears its supply cap of 21 million coins, Pompliano believes its demand will continue to rise, positioning it as the digital equivalent of gold. Both experts agree that Bitcoin, with its decentralized and finite nature, aligns with free-market principles, making it a key player in the future of global finance.
0:00 - Introduction: Understanding the devaluation of money
5:15 - The rise of Bitcoin and sound money principles
12:30 - Financial literacy and protecting your wealth
18:45 - The future of money: Bitcoin as digital gold
25:00 - Conclusion: Why financial education is key
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Transcript
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| 0:00.0 | This is the Rich Dad Radio Show, the good news and bad news about money. |
| 0:07.0 | Here's Robert Kiasaki. |
| 0:08.6 | Good morning, good morning. |
| 0:10.0 | Very excited about this money's program. a very long-time friend Anthony Pompleano and I've |
| 0:17.4 | been watching his career take off not bad for an army guy you know Marines a little |
| 0:22.4 | prejudice here but But anyway, we're going to be talking about real money or is |
| 0:28.3 | Bitcoin real money and why I'm high on it, Anthony's high on it. So I'll just go let you know I'm not an FNG and |
| 0:37.3 | F&U guy this whole thing. So this is how I started realizing that money was fake today. And so this here is a 1964 |
| 0:49.4 | Kennedy half dollar. This was the last real silver. So this was done in 1964. |
| 0:56.7 | 1964 I was like 18 years old, 17 years old. And I'm looking at this damn thing and they used to be silver but from 65 or whatever around that time |
| 1:08.6 | They started doing copper. I was I went what's wrong with my money? You know, it's no longer silver, it's copper. And I didn't know at the time because as a kid and we didn't think about this stuff. |
| 1:21.0 | What the U.S. government was doing was violating Gresham's law. |
| 1:25.4 | And Gresham's law states, when bad money enters the environment, good money goes to |
| 1:32.2 | hiding. |
| 1:33.0 | So this here is the last real silver 1964. |
| 1:37.0 | I want to thank my friends Jim Clark from Republic Monetary Exchange here in Phoenix. |
| 1:42.0 | I buy lots of gold and silver from him. But basically, |
| 1:45.8 | Anthony, what I do a lot of the times is I go up there and I hold this $10 bill and I hold this. |
| 1:52.4 | And I say, which one do you want and naturally they say 50 cents and they see $10 and they |
| 2:00.0 | they'll take the 10 where this is more valuable than this but it just proves that people don't know what money is and so that was a start was |
| 2:11.6 | 1964 and ever since then I've been studying it then I read this guy here |
| 2:18.9 | Buckminster Fuller and says Grunche of Giants and Grunche of Giants. And Grunche of Giants, I don't recommend this book, |
... |
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