‘Bye-Bye US Dollar’ - Robert Kiyosaki sounds Dollar doomsday alarm as BRICS currency rumours resurface

American investor Robert Kiyosaki reiterated calls for investment in cryptocurrencies and precious metals on Friday — contending that the US dollar was on its way out. The Rich Dad Poor Dad author claimed that the BRICS grouping had announced its own ‘gold-backed’ currency and sounded a fresh warning about ‘hyperinflation’. The remarks came even as Russian President Vladimir Putin met with Indian Prime Minister Narendra Modi during a closely-watched trip this week.

‘Bye-bye US dollar’

“BRICS: Brazil, Russia, India, China, South Africa announces the ‘Unit’ — a gold-backed ‘money’. Bye-bye US dollar! Stand by, stay awake, stay tuned in. Don’t be a loser. My forecast is that savers of the US dollar will be the biggest losers. If you own US Dollars….hyperinflation may wipe you out. I stand by my mantra, own gold, silver, Bitcoin, and Ether. Take care, stay alert,” he wrote on X.

The prominent investor has been vehement in his support for assets such as gold, silver, Bitcoin and Ethereum in recent months — recently calling silver “the best and the safest” option.

New BRICS currency?

Claims about a potential alternative to the US dollar have resurfaced repeatedly over the past two years, despite no formal announcement from BRICS nations. Speculation intensified when Vladimir Putin was photographed holding a prototype “BRICS banknote” during the Kazan Summit in October 2024. Senior officials have since clarified that the bloc has no immediate intention of launching a new currency.

The debate over de-dollarization reached a peak at the 2024 BRICS Summit, when Putin appeared on stage displaying what looked like a sample BRICS note. However, he later tempered his earlier forceful push for reducing reliance on the dollar. He emphasized that the goal is not to abandon the US-dollar-based SWIFT system but to counter the “weaponization” of the dollar by creating alternative avenues that allow BRICS nations and their partners to use local currencies in cross-border transactions.

“We are not refusing, not fighting the dollar, but if they don't let us work with it, what can we do? We then have to look for other alternatives, which is happening,” Putin said.

He further reiterated, “We do not have this goal of building a single currency in BRICS at this stage. This has to be done very carefully, prudently, and we need to use national currencies. We need to use the wider capacity of the New Development Bank of BRICS.”

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