Robert Kiyosaki — best known for writing “Rich Dad, Poor Dad” — has had some spicy takes on social media when it comes to finances.
One of his hottest? Bitcoin has made it incredibly easy to become rich. Kiyosaki posted on X earlier this year, in part saying: “I cannot believe how easy Bitcoin has made getting rich… so easy. Why everyone is not buying and holding Bitcoin is beyond me.”
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So, is it that simple? Should we all buy Bitcoin and plan on retiring early? Here’s what financial experts had to say.
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Bitcoin Does Offer Unprecedented Access
Patrick Gruhn, the founder of Perpetuals.com, said Kiyosaki’s take has merit because there has never been a currency that has this few regulations, which makes it more accessible.
“In contrast to earlier generations, you can participate in what may be the most revolutionary asset class of our time without a brokerage account, insider contacts, or bank approval,” he explained.
However, Gruhn cautioned that Kiyosaki might have been inaccurate when saying how easy Bitcoin is to profit off.
“Easy access does not equate to easy wealth,” he noted. “Risk management, education and discipline are still crucial. There are plenty of opportunities, but seizing them is not simple.”
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We’re in a ‘Bitcoin Bubble’
If you’ve been seeing more advertisements and buzz about Bitcoin, you’re not hallucinating. We’re in a bit of Bitcoin mania, which Robert Johnson, the chairman and CEO of Economic Index Associates, said is contributing to Kiyosaki’s praising of Bitcoin.
Johnson called Kiyosaki’s take “irresponsible and dangerous,” saying that there’s no way to know that Bitcoin will make any one person rich.
“In my opinion, Bitcoin (and other cryptocurrencies) are in a giant pricing bubble,” Johnson said. “Many people, even smart people, are speculating in cryptocurrencies when they have no idea what cryptocurrencies are or how blockchain works.”
Why is Bitcoin appealing? Johnson attributed it to the illusion of getting rich quickly.
“Consistency and patience are the virtues associated with accumulating wealth over the long run,” Johnson pointed out. “Jeff Bezos once asked Warren Buffett ‘You are the second richest man in the world and yet you have the simplest investment thesis. How come others didn’t follow this?’ To which Warren Buffett responded: ‘Because no one wants to get rich slowly.’”
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The Future Is Uncertain
Aaron Razon. personal finance expert at Couponsnake, said though Bitcoin has historically generated high returns, it’s not necessarily a dependable asset.
“The future price of Bitcoin is uncertain, and to a great extent, this quality makes it a risky investment, especially when the need for diversification has not been accounted for,” Razon explained.
Razon is also getting at the idea that relying on Bitcoin to carry your entire portfolio doesn’t leave a lot of room for error, which is dangerous for something that has a murky future.
“The single-sightedness of this approach fails to account for the need for a diversified investment portfolio,” the expert said. “Bitcoin is just one piece of the puzzle, and giving it the higher priority over other investment opportunities comes at the risk of leaving your investment portfolio exposed to market volatility and losses and endangering your future financial health and stability.”
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This article originally appeared on GOBankingRates.com: Robert Kiyosaki’s Hottest Take on Investing — Is He Right?