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Highlights
- Robert Kiyosaki highlighted that Fed Chairman Jerome Powell has admitted to increasing inflationary pressure.
- The Rich Dad Poor Dad author continued the endorsement of Bitcoin, gold and silver.
- Fed Chair Powell ruled out the possibility of a rate cut at the time.
Renowned financial educator and author Robert Kiyosaki has reiterated his support for Bitcoin (BTC) following Federal Reserve Chairman Jerome Powell’s recent admission about inflation concerns. In a bold statement, Kiyosaki spotlighted that Powell admitted that inflationary pressures are winning. Moreover, he stated that it signals a critical turning point for the economy.
Robert Kiyosaki Continues Bitcoin Endorsement
Kiyosaki, known for his best-selling book “Rich Dad Poor Dad,” has long been an advocate for alternative assets such as gold, silver, and Bitcoin. He took to X and wrote, “Fed Chairman Powell finally told the truth. Last week he finally admitted inflation is winning. The Fed can no longer promise inflation at 2% or that inflation is “ ‘transitory.’ Again he finally stopped lying.”
In light of Powell’s admission, Kiyosaki doubled down on his stance and advocated for Bitcoin and other assets that grow in value. Furthermore, he issued a warning to the public about the implications of inflation and urged individuals to take control of their financial future.
In his straightforward language, Kiyosaki emphasized the dire consequences of trusting traditional savings methods. He referenced the warning in his popular book and stated, “Savers are losers.” He highlighted the drastic erosion of the dollar’s purchasing power over the years, dating back to the establishment of the Federal Reserve and the IRS in 1913.
Asserting his preference for “real money,” Kiyosaki advocated for the ownership of assets like gold, silver, and Bitcoin as a safeguard against the devaluation of fiat currencies. His recommendation echoes his long standing belief in the importance of financial education and empowerment.
Also Read: Bitcoin (BTC) Price: Is Long-Term Holder Selloff A Blessing In Disguise?
Fed Chair Disregards Rate Cuts
During his address at the Stanford Graduate School of Business, Fed Chair Powell stressed the necessity for further deliberation before any decision on interest rate adjustments. Despite widespread anticipation among financial analysts for rate cuts by mid-2024, certainty remains elusive at present.
This uncertainty suggests that assets such as Bitcoin and equities, typically associated with higher risk appetite, may undergo a period of extended consolidation before resuming upward momentum. Furthermore, Powell underscored the recent outperformance in job creation and inflation figures.
He indicated that they surpassed initial forecasts. While policymakers generally lean toward potential Fed rate cuts later in the year, Powell differs. Hence, he emphasized that such measures would only be enacted with increased confidence in a sustained decline of inflation towards the Federal Reserve’s target of 2%.
Also Read: Fed’s Powell Is In No Rush for Interest Rate Cuts, More Pain for Bitcoin (BTC)?
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