Famous author and financial expert Robert Kiyosaki has issued a dire warning about the state of the American “empire.” He highlighted the United States’ rising debt. Leading cryptocurrency Bitcoin (BTC) has seen gold and silver as potential saviors. Additionally, the investor drew parallels between the American Empire and the Roman Empire to highlight why the country was in danger.
Bitcoin, the leading cryptocurrency, against the debt crisis
Kiyosaki pointed out that a staggering $68 billion is expected to be bet on next week’s Super Bowl event. Moreover, he noted that such big bets come amid the country’s record debt levels, which he claims are unsustainable. The United States has carried debt since its founding, increasing during events such as the Revolutionary War and exceeding $75 million in 1791.
Additionally, although it decreased from time to time, such as in 1835 due to land sales, the debt increased dramatically during the Civil War, reaching nearly $3 billion in 1865. Moreover, U.S. debt increased steadily throughout the 20th century, reaching nearly $22 billion after World War I.
Government debt is rising
Significant increases have occurred recently due to the Afghanistan and Iraq Wars, the 2008 Great Recession, and the COVID-19 pandemic. From fiscal year 2019 to 2021, spending increased by nearly 50%, primarily due to COVID-19. Over the past century, federal debt has skyrocketed from $403 billion in 1923 to $33.17 trillion in 2023, according to U.S. government financial data.
Drawing parallels with history, Kiyosaki suggested that an excessive focus on entertainment can distract from underlying economic problems, just as it did in ancient Rome. For this reason, Kiyosaki warned Americans against such entertainment-based investments, saying “if stupidity repeats, history repeats itself.” Kiyosaki suggested that alternative assets such as gold, silver and Bitcoin be considered as better investment options.
More than $33 trillion in debt
In addition, he recently warned of the collapse of the US economy. Kiyosaki defended the adoption of Bitcoin and stated that stock and bond markets may soon see a major decline. He also recommended reducing reliance on fiat currencies such as the dollar, as they could be affected by devaluation.
Similarly, Biden’s presidency is grappling with adapting U.S. strategies in the face of growing challenges from China and ongoing conflicts globally. In addition, as Robert Kiyosaki has emphasized, the country’s debt trap makes things worse, with debt exceeding $33 trillion. As Kriptokoin.com reported, Kiyosaki is known as the crisis prophet for predicting the Lehman moment in 2008. However, lately he has lost some of his followers because he constantly says “collapse is coming”.
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