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'Rich Dad Poor Dad' Author Says Rising Stock Market Will Not Save US Economy, Still Bets on Bitcoin

Mon, 07/31/2023 - 10:13
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Yuri Molchan
Popular financial guru stated that he still prefers Bitcoin, even though stock market is supposed to be rising
'Rich Dad Poor Dad' Author Says Rising Stock Market Will Not Save US Economy, Still Bets on Bitcoin
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Prominent investor, writer and entrepreneur, and author of the popular bestselling book on finance "Rich Dad Poor Dad" Robert Kiyosaki has slammed The Wall Street Journal, expressing doubt in its recent statement that the U.S. economy is currently at a strong level.

"America is broke. I still prefer Bitcoin"

The stock market is on the rise this year, according to mainstream media and economists. The Nasdaq 100 index alone surged 13.50% between the end of May and the end of July, now trading at $15,760.

The S&P 500 is up 17% since the start of the year. However, Kiyosaki is positive that this rise is taking place not because the economy is feeling fine but because the U.S. government has lifted the U.S. debt ceiling. The latter reached the level of $31.4 trillion this year. When that happened in July, the stock market resumed growing — along with the debt itself.

Due to this crucial factor, Robert Kiyosaki says that he prefers to stick with Bitcoin, gold and silver, which are safe haven assets. He also claimed that "America is broke" in a fresh tweet.

In earlier tweets this month, the author of "Rich Dad Poor Dad" also discussed the topic of the U.S. national debt and its connection with the "rising stock market" and the flagship digital currency, Bitcoin.

Kiyosaki seems to be optimistic about the Bitcoin price. He believes that by the end of next year, BTC will hit either $100,000 or $120,000.

His earlier forecast mentioned BTC soaring to $500,000 by 2025.

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Kiyoaski predicts global "de-dollarization"

Recently, the financial guru has been worried about the upcoming BRICS summit that is to take place in August in South Africa. The member countries – Brazil, Russia, India, China, South Africa and others — will discuss the creation of a new trading currency backed by gold.

As soon as this currency is launched, Kiyosaki said it will be called a "bric" and be accepted by approximately 41 nations globally, making the need for the U.S. dollar fall and trillions of USD flow back to the U.S. Kiyosaki called that process "de-dollarization."

Bitcoin network activity slumps

As reported by crypto analyst Ali Martinez recently, the number of daily active Bitcoin wallets has fallen below the 970,000 level. This signals a likely drop in BTC network activity, the analyst warned.

He also reminded the crypto community that the BTC price often begins to go up as soon as the number of daily active wallets surges. At the time of this writing, the leading digital currency is trading at $29,374, according to data published by CoinMarketCap.

Since July 22, Bitcoin has lost 3.61%, falling from a peak of $30,259. Over the span of the past 24 hours, BTC added 0.71%.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at