'Rich Dad Poor Dad' Author Bitcoiner Predicts Stock Market Crash, Hold Tight

Robert Kiyosaki, prominent Bitcoin proponent and the author of the classic book on personal finance management, has published a tweet with a gloomy prediction about traditional financial markets that he expects to occur soon.

"Don't be fooled," Kiyosaki warns

Kiyosaki issued a warning about the current situation on the stock market. The Dow Jones Industrial Average index has added 0.35%, the Nasdaq Composite index has risen by 1.74%, the S&P 500 index increased by 1.07% (reaching a new ATH) within the last 24 hours, as well as other major indexes. Among the factors that are pushing the stock market up in the U.S. now is high earnings of companies and the January jobs report that surpassed the expected figures.

However, financial guru Kiyosaki believes that even though the stock market keeps climbing higher, the U.S. economy is far from being as strong as it seems to be. According to Kiyosaki, the stock market is actually being kept up thanks to the Magnificent Seven, which are financed by the U.S. government. These companies are Apple, Alphabet (the parent company of Google), Meta Platforms, Amazon, Microsoft, NVIDIA and, finally, Elon Musk’s Tesla.

Related

Thu, 01/11/2024 - 09:03

'Rich Dad Poor Dad' Author Reveals How Much Bitcoin He Bought After ETF Approval

Yuri Molchan

Kiyosaki warns investors to be careful, stating that he expects both the stock and bond markets to crash soon.

Still, some X users are in doubt about these gloomy predictions issued by Kiyosaki and in general do not believe in his status of financial guru. Many commentators under his tweet have pointed out that Kiyosaki has been predicting the markets to crash over the past four or five years, as well as the crash of the U.S. dollar. One X user also published screenshots of his “crash predictions” during the past few years.

Here's why Kiyosaki holds Bitcoin

In a tweet published three days ago, Kiyosaki explained why he decided to start buying the world’s flagship cryptocurrency Bitcoin. For him, BTC is “protection against the theft of our wealth via our money.” He specified that the Fed chairman, Treasury secretary and Wall Street bankers steal the wealth from average Americans using “inflation, taxation and stock price manipulation.”

The Fed printing trillions of USD was another big reason Kiyosaki mentioned earlier. This is why he prefers Bitcoin to stocks, bonds and U.S. dollars.