Robert Kiyosaki, the best-selling author of "Rich Dad Poor Dad," has predicted that U.S. President Joe Biden's executive order to regulate cryptocurrency will mark the downfall for the asset class.

What Happened: In a tweet on Wednesday, Kiyosaki told his 1.8 million Twitter followers that he expects all cryptocurrencies to be seized and folded into “government crypto” following an executive order to regulate digital assets.

BYE-BYE BITCOIN: Prediction. Biden to sign EXECUTIVE ORDER regulating Cryptos. NEXT: Fed Crypto. NEXT: all crypto currencies seized & folded into GOVERNMENT crypto. “Let’s Go Brandon” you criminal. You commie.

— therealkiyosaki (@theRealKiyosaki) March 8, 2022

Kiyosaki’s take was widely criticized by the cryptocurrency community, with some users commenting that he did not “really understand” Bitcoin BTC/USD if he believed it could be seized by the government.

Others pointed out that, only six hours earlier, Kiyosaki himself had recommended saving Bitcoin in addition to gold, silver and guns.

DO YOU HAVE a PLAN “B”? We are in BIGGEST BUBBLE in world history. Bubbles in stocks, real estate, commodities & oil. FUTURE? Possible DEPRESSION with HYPER-INFLATION. My PLAN B: be an entrepreneur, stay out of stock market, create own assets, use debt as $, save G,S, BC, guns.

— therealkiyosaki (@theRealKiyosaki) March 8, 2022

The author has been a long-term advocate of cryptocurrency and has often recommended buying Bitcoin and Ethereum ETH/USD as a hedge against inflation. Although, there are several cryptocurrencies that may serve to be good assets to hedge against inflation.

What Else: Earlier this week, a White House anchor confirmed that the Biden administration was set to release an executive order that will see U.S. federal agencies create a framework for regulating crypto assets.

It is expected to come into effect before the end of this week and will examine the “risks and opportunities” posed by cryptocurrencies.

Price Action: At press time, Bitcoin was trading at $39,290, gaining 2.43% in the last 24 hours.

Photo by Kanchanara on Unsplash