Robert Kiyosaki, author and businessman of the best-selling book Rich Dad Poor Dad, described Bitcoin (BTC), silver and gold as a “buying opportunity” amid the strengthening US dollar and continued interest rate hikes. Here are the details…
Robert Kiyosaki draws attention to the purchase of Bitcoin, silver and gold
In a Twitter post to his 2.1 million followers on Oct. 2, the author said that the prices of the three commodities will continue to decline as the US dollar strengthens. He stated that commodities will prove their worth after “spinning around the FED axis” and lowering interest rates. In a post he shared the previous day, Kiyosaki said that this “return” could happen in January 2023, which will mark the “collapse” of the US dollar in the same way as the recently collapsed British pound. Kiyosaki used the following statements:
Will the US dollar follow the British pound? I believe it will.
BUYING OPPORTUNITY: if FED continues raising interest rates US $ will get stronger causing gold, silver & Bitcoin prices to go lower. BUY more. When FED pivots and drops interest rates as England just did you will smile while others cry. Take care
— therealkiyosaki (@theRealKiyosaki) October 2, 2022
A “need” for investors to enter the cryptocurrency space
As we reported on Kriptokoin.com, since May 2020, Kiyosaki had been criticizing the Fed’s immediate mass issuance in response to the COVID-19 pandemic. He warned investors who followed him by saying, “Buy Bitcoin and save yourself”. That is, he became an advocate for asset classes that the Fed could not directly manipulate. Interestingly, Kiyosaki said in a recent interview that he loves Bitcoin, although he does not believe that Bitcoin has any value. The author seems to be standing behind Bitcoin again in his latest tweet. Kiyosaki said:
When the FED cuts interest rates like the UK did, you’ll smile while others cry.
In a letter to his subscribers in September, Kiyosaki emphasized the need to invest in cryptocurrencies now to reap big returns over the long term. He conveyed that it is not enough to want to enter the crypto space, “before the biggest economic collapse in history, there is a need to enter the crypto space now.”
The latest situation in the general money market
GBP/USD, EUR/USD and JPY/USD are down 18.24 percent, 15.54 percent and 23.33% respectively, while the US dollar has gradually strengthened against other major global currencies over the past year, according to Trading Economics. At the same time, the Fed’s rate hike and the strengthening USD coincided with a 55 percent drop in crypto market value over the past 12 months. Last month, hedge fund co-founder CK Zheng said he expects October to be a “very volatile” month for BTC. Zheng used the following statements:
October is a highly volatile period with a lot of discussion in terms of the Fed and policy change, especially when coupled with high inflation. The concern is that if the Fed tightens too much, the US economy could go into a serious recession.”
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