Traditional financial instruments such as stocks, precious metals and Bitcoin are trying to stand out as potential inflationary absorbers in the current landscape of rising inflation.
Robert Kiyosaki, author of the best-selling investment book “Rich Dad Poor Dad,” has once again expressed his views on Bitcoin, the ongoing economic crisis, and how crypto is reshaping the global financial ecosystem.
Kiyosaki loves Bitcoin
In a tweet on Friday, Kiyosaki didn’t mince words and went ahead with his usual no-ban claim, urging investors to look to Bitcoin and precious metals.
He referred to cash, stocks and bonds as “toasts.”
Kiyosaki tweeted to his 1.2 million followers that he is buying BTC because pension funds are buying it.
The author cited a Forbes article titled “Your State Pension Is Now Playing Cryptocurrency” which included a survey indicating that 94% of US state and local pensions put a large portion of their money into cryptocurrencies .
Why I buy Bitcoin. Pension funds are the largest investment companies in the world. https://t.co/Zo6VZEdR35
— therealkiyosaki (@theRealKiyosaki) October 7, 2022
After a major sell-off in UK government bonds last week, the Bank of England stepped in to stabilize Britain’s bond market, telling MPs that some pension funds were hours away from collapsing- yes
Kiyosaki also claimed that a number of US government policies, including excessive borrowing, rising inflation and rising interest rates, have contributed to the “death” of the US dollar.
Time to buy crypto, says book author
This year has been disastrous for cryptocurrencies and the rest of the world’s markets. BTC has lost 71% of its peak market value so far. Sunday data from Coingecko indicates that BTC is currently trading at $19,495, up 0.9% over the past week.
Kiyosaki says the big market crash he predicted in 2013 is imminent and it may be time to get rich through cryptocurrency. He predicts that the future prices of Bitcoin, gold and silver will grow dramatically.
The recent collapse of global fiat currencies against the dollar has brought Kiyosaki’s advocacy for cryptocurrencies to the forefront. As evidenced by the amount of GBP/BTC transactions, the drop prompted investors to increase their exposure to BTC.
Meanwhile, despite Bitcoin’s inability to break the $20,000 threshold, the cryptocurrency has remained robust over the past two weeks as stock values have plummeted. This may indicate that the correlation between cryptocurrencies and the stock market is weakening.
BTCUSD trading pair at $19,510 | Featured image from BitcoinChaser, Chart: TradingView.com