Sat, 3/02/2024 – 7:47
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
- “Don’t be fooled,” Kiyosaki warns
- Here’s why Kiyosaki holds Bitcoin
Robert Kiyosaki, prominent Bitcoin proponent and the author of the classic book on personal finance management, has published a tweet with a gloomy prediction about traditional financial markets that he expects to occur soon.
“Don’t be fooled,” Kiyosaki warns
Kiyosaki issued a warning about the current situation on the stock market. The Dow Jones Industrial Average index has added 0.35%, Nasdaq Composite Index has risen y 1.74%, the S&P 500 Index increased by 1.07% (reaching a new ATH) within the last 24 hours, as well as other major indexes. Among the factors that are pushing the stock market up in the US now is high earnings of companies and the January jobs report that surpassed the expected figures.
However, financial guru Kiyosaki believes that even though, the stock market keeps climbing higher, the US economy is far from being as strong as it seems to be. According to Kiyosaki, the stock market is actually being kept up thanks to the Magnificent 7, which is financed by the US government. These companies are – Apple, Alphabet (the parent company of Google), Meta Platforms, Amazon, Microsoft, NVIDIA and finally Elon Musk’s Tesla.
Kiyosaki warns investors to be careful, stating that he expects both the stock and bond markets to crash soon.
Still, some Twitter users are in doubt about these gloomy predictions issued by Kiyosaki and in general do not believe in his status of financial guru. Many commentators under his tweet have pointed out that Kiyosaki has been predicting the markets to crash over the past four or five years, as well as the crash of the US dollar. One Twitter user also published screenshots of his “crash predictions” during the past few years.
Here’s why Kiyosaki holds Bitcoin
In a tweet published three days ago, Kiyosaki explained why he decided to start buying the world’s flagship cryptocurrency Bitcoin. For him, BTC is “protection against the theft of our wealth via our money.” He specified that the Fed chairman, Treasury Secretary and Wall Street bankers steal the wealth from average Americans using “inflation, taxation and stock price manipulation”.
The Fed printing trillions of USD was another big reason Kiyosaki mentioned earlier. This is why he prefers Bitcoin to stocks, bonds and US dollars.