Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad and American businessman, has pinpointed key reasons for purchasing bitcoin right now.
In a March 29 Twitter post to his 2.3 million followers, the author noted that retail prices are plummeting. Kiyosaki also highlighted that “rich brands are on sale”, urging investors to start acquiring before the United States government gets systemic inflation under control. According to the real estate mogul, the current inflation is not transitory like the Federal Reserve previously announced, but a more concerning type of systemic inflation.
This is why Kiyosaki is telling his followers to buy stocks of rich brands like Prada and Polo, alongside gold, silver, and bitcoin before they become more expensive.
Kiyosaki has been an evangelist for asset classes that the Fed cannot directly manipulate since as early as May 2020, having once alerted investors to “Get Bitcoin and save yourself” following the Fed’s incessant mass money printing programs to bolster the economy amid pandemic-related lockdowns.
Earlier this month, Silicon Valley Bank (SVB), Silvergate, and Signature Bank all collapsed, shaking the assumption that banks are the safest place to store your money — and rightly so.
Kiyosaki commented that “more and more dominoes” were poised to fall after the three major U.S. banking institutions failed. Interestingly, Kiyosaki had predicted back in August 2020 that the world was about to face a “major banking crisis”. Fast forward to 2023, and his prediction has come to pass.
Nonetheless, Kiyosaki believes the bitcoin price is capable of rising to as high as $500,000 in just two years if the Fed continues with its money printing episodes. This implies that bitcoin will look incrementally attractive as a hedge against dollar debasement, and the pioneer cryptocurrency’s price could come under strong upward pressure.
According to Kiyosaki, the massive appreciation in bitcoin along with traditional safe-haven assets such as gold and silver will be likely because faith in the U.S. dollar will be destroyed. Right now, the U.S. government is attempting to bail out banks while circulating more newly printed US dollars within the economy, a move that unwittingly engineers an overshoot in BTC prices.
Bitcoin has rebounded above $28,600 at press time, up 3.66% over the past 24 hours. The world’s largest cryptocurrency by market cap has added over 70% this year.