Kiyosaki believes that the price of bitcoin will continue to rise to $500,000 in the coming years, driven entirely by inflation.
Rich Dad Poor Dad author Robert Kiyosaki reiterated his investment strategy against global inflation. via CNBC interview, Kiyosaki pointed out that global inflation has become a systemic problem. As a result, the veteran investor advised people to double down on commodities such as gold, bitcoin, silver, and real estate. Kiyosaki noted that he is mostly interested in rising food, gasoline, real estate, and gold prices.
Thus, the investors note that he does not mind going into debt to acquire any of these commodities because inflation will pay off. For example, gold prices have been on the rise since bottoming out in October last year. According to the latest market data from TradingViewThe price of gold is up about 11 percent year-to-date to trade around $2,026 on Tuesday.
On the other hand, the price of Bitcoin, which is considered digital gold, is up more than 66 percent year-to-date. Interestingly, Kiyosaki has indicated that he does not invest in stock market except for the few companies that he has taken public through Initial Public Offerings (IPO).
In conclusion, Kiyosaki notes that the banking industry is on the cusp of collapse amid the rise of financial technology and the cryptocurrency market. Moreover, the investor believes that the US dollar is collapsing against other global currencies including digital assets.
Oh, my God. World’s “Best Assurance” One-month T-Bill is up 100 basis points. Is this global banking system collapsing?
That’s quite a lot for all the experts who recommended one-month Treasury bills. Commit to gold, silver, bitcoin, and home defense now…not tomorrow.– Robert Kiyosaki (@theRealKiyosaki) May 7, 2023
Kiyosaki on bank failure and inflation
Notably, the investor made clear that Fed Chairman Jerome Powell isn’t serious about his fight against inflation, which would come at a great cost to note holders. Moreover, Kiyosaki insisted that the banking failures that have already occurred in the United States are due in part to the financial mistakes of the Federal Reserve Bank.
The whole system is in trouble. My biggest concern is that inflation is now systemic. When Powell said it was fleeting, that was a lie,” Kiyosaki said He said.
Moreover, the United States has recorded the highest incidence of bank failures to date compared to other global markets. Notably, many regional banks in the US have been absorbed by larger banks such as JPMorgan and Bank of America. Some of the victims are Silicon Valley Bank, Signature Bank, and more recently, First Republic Bank.
In all cases, banks indicated a sharp decline in total deposits, which caused a bank run. Financial technology companies such as Coinbase Global Inc. (NASDAQ:COIN) is winning over the banking sector with digital assets like Bitcoin that offer higher returns over time.
Previously, Kiyosaki had released a bitcoin price forecast, in which the investor sees the asset reaching $100k and $500k in the near future due to inflation.
However, crypto companies in the US have complained about the lack of an adequate regulatory framework to support the emerging technology. Already, several crypto companies including Ripple and Coinbase have expressed interest in fleeing the US market. Recently, cryptocurrency firm Bittrex announced the closure of its US business following accusations from the Securities and Exchange Commission (SEC).
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