Robert Kiyosaki, the famous financial guru, entrepreneur and best-selling author of “Rich Dad Poor Dad,” is making headlines again. Latest Twitter notes On the importance of bitcoin in the face of the growing US debt.
As the US economy continues to deteriorate and the country’s debt ceiling discussions take center stage, Kiyosaki stresses the urgency of securing one’s financial future by investing in alternative assets, including the cryptocurrency Bitcoin.
The state of the US economy
Robert Kiyosaki begins by highlighting the deteriorating state of the American economy, expressing concern about the growing national debt. With Congress currently debating raising the US debt ceiling to $31.4 trillion to avoid blemishes, Kiyosaki dismisses it as nothing more than “kabuki theatre.”
Drawing attention to the dire financial situation, he asserted that the United States is indeed bankrupt, citing unfunded liabilities, such as Social Security, that exceed $250 trillion.
Moreover, Kiyosaki highlights the size of the “derivative assets” in the financial market, which amount to thousands of trillions of dollars. Against this background, he offers his solution: investing in tangible assets such as gold, silver and digital gold – Bitcoin.
BThe author of “Rich Dad Poor Dad” noted:
Politicians Debating Collecting $30 Trillion in US Debt Curb Bad Comedy, Kabuki Theater. The facts are: The United States is bankrupt. Unfunded liabilities (such as) such as Social Security are over $250 trillion. “Derivative assets” are (are) measured in the squares of…thousands of trillions. What is this bullshit. Buy G, S, BC.
Since then, Robert Kiyosaki has been an outspoken advocate of Bitcoin, focusing on the cryptocurrency’s highest value for several years. During the onset of the pandemic in 2020, such as The US government has printed trillions of dollars To stimulate the economy, Kiyosaki expressed concerns about the lack of support and inflationary risks associated with fiat currency.
He is known to have referred to these newly printed dollars as “counterfeit money”, warning of the consequences of such actions. With more than $6 trillion already printed in 2020 alone, Kiyosaki predicts that the ongoing printing spree will cause the price of Bitcoin to nearly $500,000 by 2025.
Bitcoin’s downward trend amid a buy signal
Meanwhile, despite the buy signal from Kiyosaki, Bitcoin showed no rally but a steady decline instead. Over the past 24 hours, Bitcoin has seen a 1% drop, while the past seven days have seen a 3.1% drop.
At the time of writing, the top cryptocurrency is currently trading at $26,412. However, Bitcoin’s trading volume has increased in the past seven days, which indicates a possible downward pressure in the short term. Asset trading volume rose from $15.3 billion last Thursday to a high of $17.6 billion in the past 24 hours.
Moreover, over the past week, Bitcoin has recorded a loss of more than $10 billion of its market value by nearly 4%. The asset’s market cap has fallen from $528 billion last Thursday to a low cap of $511 billion as of today.
Featured image from Shutterstock, chart from TradingView.com