Traditional financial instruments such as stocks, precious metals, and Bitcoin are all trying to stand out as potential inflationary absorbers in the current landssape of rising inflation.
Robert Kiyosaki, author of the best-selling investing book “Rich Dad Poor Dad,” has once again expressed his views on Bitcoin, the ongoing economic crunch and how crypto is reshaping the world’s financial ecosystem.
Kiyosaki Simply Loves Bitcoin
In a tweet on Friday, Kiyosaki minced no words and went ahead with his usual no-holds barred assertion by urging investors to go for Bitcoin and precious metals.
He referred to cash, equities, and bonds as “toast.”
Kiyosaki tweeted to his 1.2 million followers that he buys BTC because pension funds are acquiring it.
The author cited a Forbes article titled “Your State Pension Is Now Gambling On Cryptocurrency” that included a poll indicating that 94% of state and local government pensions in the United States are allocating a huge chunk of their money in cryptocurrencies.
Why I buy Bitcoin. Pension funds are biggest investment businesses in the world. https://t.co/Zo6VZEdR35
— therealkiyosaki (@theRealKiyosaki) October 7, 2022
After a major sell-off of U.K. government bonds last week, the Bank of England stepped in to stabilize the British bond market, telling MPs that some pension funds were within hours of collapsing.
Kiyosaki also stated that a series of U.S. government policies, including excessive borrowing, growing inflation, and an increase in interest rates, have contributed to the “death” of the U.S. dollar.
Time To Buy The Crypto, Book Author Says
This year has been a disastrous one for cryptocurrencies and the rest of the world’s markets. BTC has lost 71% of its market peak value to date. Sunday’s data from Coingecko indicates that BTC is currently trading at $19,495, an increase of 0.9% over the last week.
Kiyosaki asserts that the great market crisis he predicted in 2013 is imminent and that it may be time to become wealthy through cryptocurrency. He forecasts that the future prices of Bitcoin, gold, and silver will grow dramatically.
The recent collapse of global fiat currencies versus the dollar has brought Kiyosaki’s advocacy for cryptocurrencies to the forefront. As evidenced by the amount of GBP/BTC trades, the crash prompted investors to increase their BTC exposure.
Meanwhile, despite Bitcoin’s inability to surpass the $20,000 threshold, the cryptocurrency has stayed robust over the previous two weeks as stock values have plummeted. This may signal that the correlation between cryptocurrencies and the stock market is weakening.
BTCUSD trading pair at $19,510 | Featured image from BitcoinChaser, Chart: TradingView.com