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The U.S. dollar 'will die' with BRICS new currency, warns Robert Kiyosaki

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(Kitco News) The end of the U.S. dollar is near, said the best-selling author of 'Rich Dad Poor Dad' Robert Kiyosaki, citing an upcoming BRICS summit in South Africa as a trigger.

Kiyosaki is projecting that the BRICS group, comprised of Brazil, Russia, India, China, and South Africa, will announce their new gold-backed digital currency during its summit on August 22-24, and it will have dire consequences for the U.S. dollar.

"August 22, 2023, in Johannesburg, South Africa, BRICS nations announce gold backed crypto. US $ will die," Kiyosaki tweeted last week. "Trillions of US $ rush home. Inflation through the roof."

His advice on how to deal with the coming fall of the U.S. dollar as the world's reserve currency stayed the same — stock up on gold, silver, and Bitcoin — which he views as real money. Kiyosaki also forecasts Bitcoin to hit $120,000 next year.

"Giant crash coming. Fake money-aka [fiat] currency to die. BRICS meeting in S. Africa August 22 to put the nail in the coffin of fiat…fake money," he said.

Last week, Russian state-owned broadcaster RT reported that BRICS were getting ready to launch a new trading currency backed by gold, citing a tweet by the Russian Embassy in Kenya.

The tweet stated: "The BRICS countries are planning to introduce a new trading currency, which will be backed by gold. More and more counties recently express desire to join BRICS."

The report was not confirmed, and the BRICS nations are yet to officially comment on the potential new currency.

In response to recent reports, Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, known as the BRICS bank, said that creating a common currency is not in immediate plans.

"The development of anything alternative is indeed a medium to long-term ambition," Maasdorp told Bloomberg. "No one is suggesting right now that BRICS will form an alternate currency. All we are suggesting is that we need to deepen the use of local currencies of our member countries, and over time that is going to strengthen our ability to immunize or insulate our economies from the devaluation of our currencies if we borrow in dollars, for example."

On the stock market, Kiyosaki has a grim view, expecting an eventual crash in light of a coming depression.

"I do not play the stock or bond markets. As an entrepreneur I like my hands on control too much. Yet too many signs point to a severe stock market crash," he said in another tweet. "If your future depends on stocks and bonds please be careful, possibly ask for professional advice. Afraid depression coming."

He also pointed to the debt ceiling issue being postponed as the reason for the latest rally in the stock market.

"WHY is stock market taking off? Because "Debt Ceiling" removed. Means national debt to rise with stock market," he said. "Rich get richer as America gets poorer. Sad. Sticking with real money & real assets: Gold, Silver, Bitcoin."

In June, Kiyosaki warned that the string of bank failures in the U.S. was not over, with more banks rumored to fail.

Kiyosaki also questioned the housing situation in the U.S., stating that a great real estate crash was coming. He noted that the 2008 financial crisis will pale in comparison to what's coming in 2023.

"Greatest Real Estate crash ever. 2008 was the GFC. 2023 will make the 2008 GFC look like nothing. In 2019 Office Towers in San Francisco were hot," he tweeted. "In 2023, the same buildings have lost 70% of value."

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.