As Wall Street celebrates the booming stock market, with the S&P 500 rising 4.5% in 2024 and tech giants boasting impressive results, a discordant voice rings out. Robert Kiyosaki, author of “Rich Dad, Poor Dad” and vocal advocate of Bitcoin (BTC), warns. In his warning, he speaks of an impending collapse. It also encourages investors to take refuge in cryptocurrency. Here are the details…
Striking statements from Bitcoin supporter Kiyosaki
Kiyosaki paints a striking picture of a market fueled not by power but by illusion. He argues that the impressive performance of the “Fabulous 7” (Apple, Alphabet, Meta, Amazon, Microsoft, NVIDIA and Tesla) masks underlying fragility, supported by US government funding. He sees an impending crash in both stock and bond markets and advises caution. This isn’t the first time Kiyosaki has sounded the alarm. He has consistently predicted market declines in recent years, earning him both skepticism and enthusiastic support.
Critics point out that his past statements have not come true. But his followers praise his unconventional perspective and see him as a financial prophet. Additionally, Kiyosaki gained fame as a crisis prophet for predicting the 2008 Lehman Brothers collapse. So why Bitcoin? Kiyosaki sees this as a shield against “the theft of our wealth” through inflation, taxation, and stock price manipulation, allegedly by the likes of the Fed chairman, Treasury secretary, and Wall Street bankers. He believes that Bitcoin’s limited supply and decentralized structure protect against these manipulations and make it a safer haven for his wealth.
What should we look for in order to protect ourselves from risks?
Other assets that Kiyosaki sees as safe havens are gold and silver. This stance is consistent with Bitcoin’s historical performance. In 2023, it has largely broken away from the traditional market and even left it behind. However, in 2024 we saw the stock market catch up and BTC remained relatively stable. The question now is: Will Bitcoin fulfill its role as a hedge if markets crash? The launch of Bitcoin ETFs provided legitimacy and institutional inflows. Thus, it potentially attracted investors seeking shelter during the turmoil. This could be the true test of Bitcoin’s ability to act as a safe asset separate from the traditional market.
Kiyosaki’s prediction stands in stark contrast to the market’s current enthusiasm. Only time will tell if the Bitcoin bet works. Additionally, investors will be allowed to navigate uncertainty by taking into account their own strategies and risk tolerance. Whether a market crash occurs or the bull run continues, one thing is clear. The debate between traditional and crypto assets, fueled by figures like Kiyosaki, is far from over.
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