'Rich Dad Poor Dad' Author Issues Critical Warning and Keeps Buying Bitcoin (BTC)
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Robert Kiyosaki, famous expert in the sphere of finance and author of the classic book on managing personal finance, "Rich Dad Poor Dad," has taken to the X social media network to make a crucial warning to his millions of followers.
Kiyosaki also stated that the aforementioned reason is pushing him to buy more Bitcoin and other safe haven assets, which he expects to soar in price in the near future.
"I keep buying more gold, silver, Bitcoin"
Kiyosaki stated that he continues to accumulate Bitcoin, as well as gold and silver because the U.S. government is pushing the population toward more poverty. "Our leaders don’t care about you. So you please take care of you and the people you love," he stated, addressing his followers. "Work hard, spend wisely, and save gold, silver, and Bitcoin."
Throughout 2023, Kiyosaki has been tweeting about the economic situation in the U.S. getting worse. In particular, he commented on the crisis that hit several major banks in March. It included Silvergate, Silicon Valley bank, Signature Bank and others. The latter had worked with Ripple and several crypto exchanges. All those banks became insolvent, but they were bailed out by the U.S. government.
Besides, Kiyosaki tweeted in June that he believed mortgage giant LoanDepot, founded in 2009, to be "hanging on ropes." The "Rich Dad Poor Dad" author then stated that should the company go bankrupt, 2023 would witness another massive crisis in the mortgage market. The U.S. Treasury and Federal Reserve kept printing billions of USD to bail out those sinking banks.
Aside from the crisis in the banking sphere, financial guru Kiyosaki names the removal of the $31.4 trillion U.S. debt ceiling by the government in the summer. After that, the debt began progressing at an alarming rate, as many economists and financial experts pointed out, as the U.S. borrowed $1 trillion last quarter and plans to borrow another $1.5 trillion this quarter as well.
On top of that, the geopolitical situation in the Middle East has suddenly changed for the worse. The U.S. keeps providing financial aid both to certain areas in the Eastern Europe and the Middle East.
Yuri MolchanKiyosaki's high Bitcoin price expectations
Kiyosaki believes that Bitcoin is a safe haven asset, similar to gold and silver, and he expects the Bitcoin price to surge within the next few years. In a few recent X posts, the financial guru stated that he keeps buying Bitcoin, while stocks, bonds and ETFs are crashing. However, he also highlighted the fact that Apple shares may be a good investment and rise in the future to new highs.
A few weeks ago, Kiyosaki tweeted that the U.S. is about to enter a "hard economy" – he is famous for his negative predictions this year, expecting the U.S. economy to collapse soon, believing that the USD has already turned into nothing but recycled paper.
As for Bitcoin in particular, he expects the "next stop" to be at the $135,000 level. Overall, he believes that by 2025, the world's flagship cryptocurrency will be able to surpass the $500,000 price mark.
At the time of this writing, after a series of recent jumps and falls, Bitcoin is changing hands at $36,485. On Thursday, Bitcoin smashed the $37,000 level for the first time in 18 months but was unable to hold there.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov