Bitcoin Forum

Hi guys!

Robert Kiyosaki says (https://finrazor.com/news/robert-kiyosaki-us-dollar-to-be-crumpled-beneath-the-weight-of-bitcoin-and-other-cyber-currencies), 'I think the dollar is toast because Gold and Silver and cyber currency are going to take it out'.

How likely it is that it will be true?
How can this affect crypto, specifically the price of Bitcoin?

Thank for you opinions!

Depends what you/he means.

Gold and silver are impractical, if not impossible, to use as currency - no one is going to carry around various weights of gold/silver to spend. As a store of value, however, they are currently much less volatile than crypto, but there's nothing to say they won't both continue to fall as they have been doing since 2011/2012.

Crypto has the potential to replace the dollar as a currency, but widespread adoption is a long way away.

I dont think cryptocurrency will replace dollar. The government controls dollar value for economic stability and cryptocurrency is something that can not be set easily. It has a system on its own which I think will block it from being used as a currency. Volatility is present that causes it not to be used easily. Gold and silver on the other hand are resources that may affect the value of dollar which could also be used as a currency. I think Gold is a bit stable but  carrying gold and silver anywhere is quite dangerous. I also believe that dollar may have an effect on the value of bitcoin because it is the currency that is used to buy it, so that should any crisis occur with the dollar, the volume of bitcoin may as well be lessen.

The only way that the decline in USD can affect cryptocurrency is when you are exchange coins/tokens into fiat as cryptocurrency can still be exchanged to different kinds of fiat out there. Also many people will turn into gold, silver and cryptocurrency if a great recession will happen in the US government specially with its debt.

only way to affect would be in countries that the dollar is worth four times but but anyway bitcoin with the dollar will be a world currency

The US Dollar has become a global currency used in major business deals all over the world. I don't see bitcoin overtaking the place of the USD anytime soon. But it will be highly possible when most people in the business world begin to appreciate bitcoin and all Cryptos as a medium of exchange for goods and services.

In my opinion the opposite is true it is the decline in the price of Bitcoin that affects USD value. But price fluctuations are not only influenced by one factor, there are several variables that underlie the change in price like demand and supplies, etc.

The trend of cryptocurrency and Bitcoin is increasing in the international world. Some Bank says that want to adopt the cryptocurrency or bitcoin if the capitalization market reach 500 billion dollar AS. It is difficult to replace a conventional fiat because in some countries the application and usage of conventional fiat is still high, moreover in my own country. And other factor that make bitcoin is not able to replace conventional fiat because the price is very fluctuative and it is not centralize. In future, it is just become an alternative fiat. 

Well I know that Robert Kiyosaki is really wise guy and if he said that it mean that he is confidence in that. I've heard his books so we can be really aware of that dollar will go down at the time then crypto currency will go up.

Dollar gave bitcoin a notional value and it is not really affecting its movement at all. What affects bitcoin is simple fact that is, How much Dollar is being moved into it and how much Dollar is taken out against the bitcoin. Thats all, this influx and outflow of the fiat from bitcoin will affect its price movement all the time because it is what drives the market cap of bitcoin. I dont think that dollar value and its own trade in the real world can affect bitcoin value directly. There could be indirect relation but I doubt that too.

A weakening dollar may mean a stronger cryptocurrency. But it does not have that much effect unless there is already a strong support for crypto. Adaptation of crypto is still very low in a worldwide scale. So even if the dollar weakens, it does not automatically translate that bitcoin will pump up. Maybe Kiyosaki is right but it is still a long way to go before it can be realized.

Depends on the people that will use it though. I know that many people will solely rely of USD so it might not go down that much. Little people only know about crypto but somehow someday they will.

Value of dollar doesn't affect crypto much. There might be some temporary decline in price of crypto if dollar crashed  but in long term, everything will be fine.

For the replacement part, Bitcoin or any crypto currency can never replace fiat because of many factors, mainly due to high volatility.

Practically speaking, I do not see cryptocurrency replacing dollars, or any other currency soon. Fiat currency has been around for centuries so it will be hard to eliminate them completely. Dollar has its own system and is controlled by the government. However, it is possible to see cryptocurrency co-exist with fiat money when it gets more and more popular.

Na, none of them can really take out the dollar or in your definition none of them can toast it our. Gold, Silver or even Crypto are just an assets which can be invested, traded and gambled. I dont think any of them can really get affected with the crypto. How? Because crypto currencies are not having any fiat properties at all. Dollar is just different stuff, it is circulated only within the countries, world and that too real one but not in the virtual world. Crypto currency is virtual world asset and hence there is effect of dollar to the crypto at all.  :P

We haven't got the regular usage of bitcoin to be same as that of USD. We are in need of an conversion process to make use of our bitcoin on our desires. For this people use their respective fiat conversion. This shows the clear dependence of bitcoin on fiat, and when there is a market decline of USD the impact can be observed over bitcoin as well on conversion.

U.S. Dollar can affect the Global Financial Market, cryptocurrency market is a part of it, that's why U.S. Dollar affects crypto also.

That is influential, the dollar price has an effect on bitcoin because bitcoin is converted through dollars. If the dollar goes down then the value of bitcoin will rise but that is not a guarantee and the dollar price is difficult to go down.

I don't think that decline in the US Dollar value would affect the cryptocurrency or bitcoin in a big way and also if there is anything that would affect the cryptocurrency then that is exchanging the Cryptocurrency with the Fiat currencies and especially i am expecting that BTC/USD will soon be legalized as the global currency as Gold and silver are just trading asset which is mostly used physically by the investors.

I know that Robert Kiyosaki was so wise that he managed to bankrupt (https://www.cbsnews.com/news/rich-dad-poor-dads-bankrupt-company/) his own company.
Now, if a company that is supposed to give you advice on how to get wealthy is going bankrupt...I really wouldn't trust the guy running it.

Gold will be the king in terms of its value and the fact it don't change by time .cryptocurrecny has the potential to get in the competition with the gold once it becomes more stable in price . As a replacement for dollar as a trade currency , i don't believe that could ever happen as dollar dominates the field of import and export between countries and that's why USA will continue to fight cryptocurrency as once cyptocurrency replace dollar , american economy will fall and will follow by another global economy crisis like the once in 2008.

Not only gold and silver,even crypto could not completely replay dollar as it is not backed by any governments.But dollar is already suffering a threat from China and Russia who were trying to boycott dollars and instead use their own currencies to close the dollar's dominance.

maybe the main reason why Dollar can affect bitcoin is, because bitcoin is converted into fiat currency.
maybe in some countries you can use bitcoin without having to exchange it for paper money first, but that doesn't apply to countries that don't accept bitcoin, then you have to exchange it first with fiat, and of course the bitcoin exchange rate is affected by your currency exchange with your bitcoin. as simple as that  ;)

If the US Dollar begins to fail rapidly people are going to jump to all different types of assets to take protection.  Crypto will get a huge run up from this.  So will gold and silver.  Fine art and other collectibles will also do well.  Stay diversified. 

I think is the dollars price has an effect on bitcoin because bitcoin is converted through dollars. If the dollar goes down then the value of bitcoin will rise but that is not a guarantee and the dollar price is difficult to go down.

I think Turkey sets the precedent for how a declining US dollar will affect crypto. In recent polls, Turkey was credited with having the highest crypto ownership per population size of any nation. Part of this is likely related to the lira (turkey's native currency) inflating at a rate greater than 10% per year. The more conscious people are of their native devaluing currency and high inflation, the more likely they are to invest in crypto currencies.

Paper money will always be more efficient and effective in some roles than electronic currency. Its easier to tip waiters, buy weed, sell goods in flea markets and garage sales and do other things using paper money than using electronic merchant services like credit cards or crypto. This efficiency and effectiveness translates to greater financial flexibility and versatility which ultimately translates to greater economic strength.

Eliminating paper money would be a mistake. It would kill jobs, make life harder for 2nd hand sellers and small businesses and have other negative financial and economic effects.

Who is even Robert Kiyosaki? I’ve never heard of him and I also don’t think he’s right. They keep saying all these cause it’s just a way for them to promote these stuffs and get people interested in cryptocurrency.

They are doing all these and forgetting about people who can never get a chance to know what crypto, that’s because they are doing all these out of selfishness and greediness.

If cryptocurrencies happen to take over and eliminate our main currencies, do you even think of those who don’t have access to the internet, those that are not educated and the poor ones in our communities, cause these ones won’t be able to use Bitcoin.

I believed you get the OP wrong because he was actually not talking about crypto currency replacing the US dollar and the US government wont even allow such thing to happen because that's the reason why they want to regulate and control crypto currency (Bitcoin).
Meanwhile, the OP was asking if the decline in the Dollars could affect crypto currency price which I believe it possible because it has happened before.

Despite the fact that US dollar s the world most famous currency.it decline cannot affect the crypto currency market because it was not the only currency accepted by most crypto currency exchange site and US dollar and bitcoin are both developed on their own. Dollars was controlled by the US government while crypto currency was controlled by the crypto communities.

America has grown so much over the years. The fact that it has a lot of resources for economic development is too obvious. Adding to that is the new electronic money market being involved. That is too strong in the financial market. Stronger is stronger now. America is so great.

If people get spooked by the dollar collapse (which is very real by the way) then I would say crypto and mainly Bitcoin will be receiving some of that inflow.  Other areas would be gold/silver and other hard assets. 

maybe if the dollar weakens or has decreased, interest in buying cryptocurrency is low. this will have an impact on the small buying volume and the large selling volume so that the coin price will decrease.

Although many factors can be analyzed to explain the recent price surge of bitcoin, the most evident factor is the decline in the value of US dollars. Previously, when both the mainstream and bitcoin media reported that the Chinese market controlled approximately 93% of the global bitcoin exchange market, analysts and investors closely looked at the development of the Chinese market and regulations. As such, events like the devaluation of the Chinese yuan or introduction of tightened policies such as the imposition of regulation on Wealth Management Products were perceived as major factors behind the increasing value of bitcoin.