Why Kiyosaki says now is the ideal time to invest in crypto
During his radio broadcast in May, “Rich Dad, Poor Dad” author Robert Kiyosaki criticized the world’s leading cryptocurrency as having no intrinsic value.
“I trade bitcoin. However, I don’t think it has any value. I’m just playing the game,” he said.
Fast forward four months, the popular author is changing his tune and urging investors to pour money into crypto now.
His reason? A catastrophic market crash is imminent, so investors should buy cryptocurrencies before they replace the US dollar and change the entire financial infrastructure.
When Kiyosaki speaks, people tend to pay attention, at least those who aren’t on the opposite side of the fence about whether or not he’s spewing nonsense.
Kiyosaki believes crypto is the answer to an economic disaster
As reported by Markets Insider, the financial analyst – using aggressive capitals – emphasized the following regarding the impending economic collapse:
“It’s not enough to WANT to get into crypto… now is the time you NEED to get into crypto, before the biggest financial crash in history.”
Kiyosaki has expressed an interest in “safe haven” assets such as gold and silver as a buffer against severe economic turbulence on several occasions recently.
Kiyosaki touts crypto as the best defense against a market collapse. Image: Entrepreneur.
However, he has also occasionally addressed Bitcoin in the same language, albeit typically in a speculative context that shows little interest in the asset’s long-term prospects.
Kiyosaki’s latest warning echoes the current inflation figures released on Tuesday. The numbers have turned out to be more than estimated and have dragged down the prices of Bitcoin and other popular cryptos, including stocks, as they always seem to do.
In June, the crypto pessimist also offered unconventional advice to investors trying to outpace inflation. To prepare for price increases, he suggested stocking up on canned goods such as tuna and baked beans, as well as household items such as garbage bags and toilet paper.
What other investors and analysts are saying
Meanwhile, Michael Burry, an American investor, hedge fund manager and doctor, spotted an unprecedented asset price bubble last year and said it would culminate in the “mother of all disasters”.
Jeremy Grantham, a veteran investor and co-founder of GMO, warned in a research report last week that an “epic superbubble” in stocks, bonds and real estate was poised to implode.
Kiyosaki predicted a prolonged downturn, but he reaffirmed his belief that bear markets are the optimal moment for investors to grab the best deals and make decent profits.
The financial guru claims that the US currency will destroy the current economic system, paving the way for crypto’s mass adoption because it is not controlled by the government.
BTC total market cap at $388 billion on the daily chart | Source: TradingView.com Featured image from Medium, chart from TradingView.com
