Fiat money will lose its significance to gold and cryptocurrencies in the next twenty years, said Robert Kiyosaki, bestselling author of "Rich Dad Poor Dad" and his latest, "Why The Rich Are Getting Richer."
The self-proclaimed gold bug is one of few investors to be bullish on both bitcoin and gold, noting that the cryptocurrency will slowly erode fiat currencies' relevance, while gold will act as an important hedge instrument.
"When I talk to people, I say, 'what do you think will be here in 2040? Will gold still be here? Well, it's been here since eternity. Will the dollar be here? I don't think so. Will blockchain be here, I think so,'" he said in an interview.
And with the stock market continuing to hit all-time highs, Kiyosaki warned that the next financial crash is "imminent," simply because "something has to happen."
"Since 2004 we have been in a debt bubble and the problem with debt bubbles is that when they come down, they come down like an avalanche so I don't think it's too long [away.] I'm not trying to be an alarmist because I like crashes, it's like going into Walmart (WMT) - Get Report and they are having a 50% off sale, so when everything goes on sale I am back in the market," he said.
Should a financial correction occur, Kiyosaki said he is well covered with his gold holdings which he has been accumulating since 1972, "I have more gold then I can ever spend in my lifetime," he said.
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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.