Robert Kiyosaki, author of Rich Dad, Poor Dad, and an influential figure in personal finance, predicts that the U.S. economy will continue to suffer and has recommended his followers invest in Bitcoin once again.
The United States economy has experienced a recession in several instances due to a number of circumstances, including bad government policies. In light of this, Kiyosaki has advised investors to abandon fiat currencies in favor of valuable assets such as gold, silver, and Bitcoin.
In his most recent tweet, the well-known author reiterated these predictions. “Savers are losers,” Kiyosaki stated in a tweet, echoing a lesson from his best-selling book. The investor stressed the United States’ huge debt and the Federal Reserve’s (FED) efforts to boost interest rates.
Then, reiterating his prior remarks, he reiterated the significance of Bitcoin and precious metals as inflation rates climb. Since the onset of the epidemic, when Bitcoin fell below $4,000, Kiyosaki has been sharing this theory on Twitter. Since then, he has been a fervent advocate for Bitcoin.
Currently, the US owes [hundreds of] billions. The REAL rate of inflation is 16%, not 7%. Raising interest rates by the FED will ruin the US economy. Savers will be the greatest losers. Invest in REAL MONEY, which includes gold, silver, and Bitcoin.
Throughout the pandemic, Kiyosaki has repeatedly criticized the US central bank for its efforts to inject liquidity into the markets and, more recently, for its aggressive approach to raising interest rates.
In an attempt to limit inflation, the Fed has increased interest rates four times this year by a total of 2.25 percentage points. In August, the Consumer Price Index (CPI), a commonly used indicator for measuring inflation, rose 8.3% from the same month a year before. Although the rate was lower than in July and June (8.5% and 9.1%, respectively), economists continue to be alarmed because it is well above the FED’s long-term target of 2%.
Despite widespread agreement that the worst is over, the data from last month surpassed economists’ forecasts. Jerome Powell, the president of the FED, had previously warned at the end of August that the bank’s actions could cause “some discomfort for American households and businesses”
Markets in general have been quite volatile as the Fed presses on with its strategy. Bitcoin dropped below the crucial $30,000 mark and has struggled to remain over $20,000 for most of 2022. However, with inflation remaining rising, the central bank would most certainly continue to boost rates and spread the pain in the markets.
They seem to be in agreement that the falls might continue in the near term if the Fed maintains its aggressive stance, but that once the rate rise is complete, the markets will experience respite, and Bitcoin could stage a comeback.
Meanwhile, the author of “Rich dad, poor dad” has noted that falls are an opportunity to capitalize and “become wealthy.” A few months ago, he predicted that Bitcoin’s price would fall below $17,000 so that he could purchase more coins.
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