The Rise of BRICS Nations and the Future of Cryptocurrency On August 22nd, 2023, major changes in world history are expected as Brazil, Russia, India, South Africa (BRICS), Saudi Arabia, Mexico and Japan join forces. These nations plan to back a cryptocurrency with gold. In the past, attempts at government-backed cryptocurrencies like Petro failed due to forced adoption. However this new initiative has potential for success as it aims to create trustless interactions between countries using blockchain technology.
"Fake Money" - The Impact on Poverty and Wealth Gap 'Gresham's Law' states that when fake money enters a system real money goes into hiding. Since 1964 when the US started pumping out fake money by debasing its currency with copper tinges on coins such as quarters and dimes; poor people have suffered from not being able to differentiate between real and fake money resulting in widening wealth gaps over time. This issue is not limited only to the US but also historically seen across various civilizations including China Greece Rome Germany etc., where war broke out every single time after faking their currencies.
Importance of Crypto Education Crypto education plays a crucial role in understanding today's world dominated by "fake money." While Bitcoin remains an important subject for both older generations who value gold & silver investments along with younger generations interested in crypto assets; Rich Dad Radio Show emphasizes that they do not provide investment recommendations or advice.
The Importance of Trustless Interactions "Commodities days like golden oil all they're really doing is okay for right now in this point in history how can we interact with each other in a trustless way across these countries?" Bitcoin provides the answer as it allows for secure and controlled transactions without relying on centralized authorities.
Lack of Confidence in BRICS Nations' Currency Plans "Do you guys have any much confidence in what the BRICS are trying to put together?" The majority of experts, including Rich Dad, do not have confidence due to factors such as excluding Japan and Mexico from their plans. Additionally, most people involved with cryptocurrencies prefer Bitcoin and Ethereum over traditional currencies.
Getting Started with Bitcoin Despite its high price per unit (currently $30k), even individuals with limited funds can invest by buying fractions of a coin. Cash App is recommended as an easy and fast platform to get started. Once familiarized with Bitcoin's fluctuations, users can explore other exchanges like Coinbase or Gemini.
Taking Custody of Coins "We teach people how to take custody of their coins in a digital sense, which is the bridge that traditional investors are missing." The goal is to control and own your coins, such as Bitcoin and Ethereum.
Coin Agnostic Approach "We make money with anything in crypto because we understand the market well." However, the focus is on compounding Bitcoin and Ethereum. Other cryptocurrencies are seen as short-term trades or speculative investments.
The Value of Community Community plays a crucial role in cryptocurrency success. Dogecoin's rise demonstrates how belief from its community can drive value. In contrast, central bank digital currencies may be forced upon people without genuine support.