Rich Dad Poor Dad Author Warns About Economic Crisis; Bitcoin’s Price In Danger?
Robert Kiyosaki, a well-known investor, has issued a warning about a potential disaster that is brewing in the financial markets. A recent edition of “The Rich Dad Channel” featuring Kiyosaki, disclosed that an impending “economic tsunami” is on the way. According to him, investors in the United States and other countries across the world will feel the effects of this tsunami, which is a metaphor of an impending financial catastrophe.
Kiyosaki Expects Economic Catastrophe
Kiyosaki brought attention to the inversion of the yield curve and how this phenomenon may lead to a recession. The U.S. Treasury Bill with a maturity of three months has been generating a higher rate of return on investment than the Treasury Note which has a maturity of ten years.
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Kiyosaki asserted that throughout the course of economic history, such an inversion has been regarded as evidence of an impending economic downturn. Kiyosaki and Hammon — who was a guest on the interview — drew parallels between the inversion and a tsunami warning system.
Kiyosaki Advocates Against Risk Assets
The 76 year-old author also scrutinized yesterday’s Federal Reserve’s pivot following the FOMC minutes published last night. Although investors celebrated the Fed’s pivot, Kiyosaki however, urged his 3 million followers not to interpret the pivot as a sign of investing in risky assets like Bitcoin.
In order to protect from counterparty danger, the American investor suggested that users should have a big cash position, invest 10% of their capital in physical gold, and recommended buying short-term treasuries.
The “Rich Dad Poor Dad” author also touched upon United States’ plans for issuing a Central Bank Digital Currency (CBDC), which according to him is an invasion of privacy. Kiyosaki opines that the CBDC would serve as a gateway for tracking user activity, monetary spends and other covert operations by the government. Instead, he finds Bitcoin as a better alternative which he has advocated multiple times before.
Currently, the price of Bitcoin is exchanging hands at $30,289 which represents an increase of 1.11% over the past 24 hours as opposed to a gain of 8.16% recorded over the previous seven days.
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