The author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated that he would not invest in bitcoin exchange-traded funds (ETFs) but prefers to buy actual bitcoin instead. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki explained on the social media platform X on Thursday why he does not invest in bitcoin ETFs, stating that he avoids them “for the same reason” he does not buy gold or silver ETFs. The famous author stressed:

ETFs are FAKE gold, silver, or bitcoin.

“For example, a gold ETF can sell 1 ounce of gold 100 times and more via 1 ETF. That is why I own real gold, silver, and real bitcoin and keep them very safe, away from banks and Wall Street bankers,” he described.

Kiyosaki has been vocal about his distrust of the Biden administration, the Federal Reserve, the Treasury, and Wall Street bankers. He frequently criticizes these institutions for practices he believes harm the financial well-being of the average person. Moreover, he accuses Wall Street bankers of prioritizing their profits over the interests of ordinary investors.

In April, Kiyosaki similarly explained why he won’t buy bitcoin ETFs, even as spot bitcoin ETFs became a hot asset with significant inflows following the approval by the U.S. Securities and Exchange Commission (SEC).

Recently, the renowned investor disclosed that he purchased 60 bitcoins at $6,000 each and continues to buy BTC every month. Despite bitcoin “crashing,” he remains committed to holding his investment, following the strategy of Berkshire Hathaway CEO Warren Buffett, which focuses on buying and holding assets.

Kiyosaki believes bitcoin is the easiest way to become a millionaire, previously predicting its price will reach $350,000 by August. He has consistently urged investors to buy BTC before its price surges, expressing frustration over hearing “lame” excuses from people when he recommended bitcoin to them.

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