The discourses of people who know about the past crises in the Bitcoin and crypto money world are very important. Important statements came today from Robert Kiyosaki, who became famous as the crisis predictor for predicting the 2008 Lehman Brothers collapse. Let’s take a look at the explanations.
Buying Bitcoin and its derivatives
Robert Kiyosaki, the author of the book “Rich Dad Poor Dad”, made statements about the importance of Bitcoin in the face of increasing US debt. The statements made on Twitter went viral. cryptocoin.com As we mentioned, the US economy continues to deteriorate. In this context, the country’s debt limit discussions come to the fore. This is where Kiyosaki recommends investing in alternative assets, including the top cryptocurrency Bitcoin. By doing so, he emphasizes the urgency of securing one’s financial future.
Robert Kiyosaki shines a light on the deteriorating state of the US economy. He voices his concerns about the rising national debt. Congress is currently discussing raising the US debt limit to $31.4 trillion. Kiyosaki sees this as nothing more than “kabuki theatre.” Let me state that Kabuki theater is one of the subgenres of traditional Japanese theatre. In the kabuki theater that emerged in the 17th century, excessive use of make-up is the main feature.
Terrible financial situation
Kiyosaki points out the dire financial situation. Accordingly, it refers to the US’s unfunded obligations, such as Social Security, which exceeds $250 trillion. As a result, he claims that he is already bankrupt. In addition, Kiyosaki draws attention to the size of “derivative assets” in the financial market, which reach thousands of trillions of dollars. In this context, Kiyosaki offers his own solution: investing in tangible assets such as gold, silver and digital gold, namely Bitcoin.
Robert Kiyosaki has always been a vocal advocate for Bitcoin. It has been putting particular emphasis on the leading cryptocurrency for several years now. During the onset of the pandemic in 2020, the US government printed trillions of dollars to stimulate the economy. At the time, Kiyosaki said the lack of support associated with fiat currency. He also expressed his concerns about inflationary risks.
Kiyosaki referred to newly minted dollars as “fake money” at the time. He warned of the consequences of such actions. With over $6 trillion minted in 2020 alone, Kiyosaki predicts that the continued coin-printing spree will cause the price of Bitcoin to soar to nearly $500,000 by 2025.
Bitcoin in downtrend amid buy signal
Meanwhile, despite Kiyosaki’s buy signal, Bitcoin has not been bullish. Instead, it showed a steady decline. Bitcoin has dropped 1% in the last 24 hours, while it has dropped 3.1% in the last seven days. The price of Bitcoin (BTC) is moving sideways on the 4-hour chart.
At the time of this writing, the leading cryptocurrency is trading at $26,412. However, Bitcoin’s trading volume has increased in the last 7 days, indicating a possible short-term downside pressure. The asset’s trading volume increased from $15.3 billion last Thursday to $17.6 billion in the last 24 hours. Also, over the past week, Bitcoin’s market cap has dropped by nearly 4%, registering a loss of over $10 billion. On the other hand, the market value of the asset fell from $528 billion last Thursday to $511 billion, the lowest level as of today.
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