Robert Kiyosaki says the only way for people to save themselves from the economic crisis is by buying Bitcoin.
It is getting harder and harder to miss Robert Kiyosaki’s tweets, author of the world’s best-selling personal finance book, “Rich Dad Poor Dad.” The American businessman is encouraging his followers to buy bitcoin, gold and silver in these times of crisis.
He praised bitcoin recently, saying that the only way for people to save themselves is by buying the digital asset.
“Buy Bitcoin and save yourself”
In a tweet today (20), Kiyosaki explained that financial problems are arising in the United States (and in the world at large) amid the COVID-19 pandemic. He noted that the Fed’s action to mitigate the situation by printing “fake dollars” will not save us.
Instead of waiting for the Fed’s intervention, which will never bear fruit, Kiyosaki asks his followers to save themselves by buying gold, silver and cryptocurrency.
“New York is broken. All cities have income tax, sales tax and real estate, especially commercial. Add pension contributions for teachers, firefighters and the police. The US cannot save you with this false impression of EDF money. Buy gold, silver, Bitcoin and save yourself. ”
In an older tweet, Kiyosaki postulated that the economy is dying and the Federal Reserve is simply incompetent, with trillions of liquidity being infused into the system. The popular financial educator also went so far as to share his bitcoin price prediction: $ 75,000 in three years.
Why is the author of ‘Rich Dad’ so optimistic about Bitcoin?
As the coronavirus continues to spread across the world – now with more than 4.9 million confirmed cases worldwide – central banks have pledged to use all of their ammunition to protect the economy.
The Federal Reserve, in particular, has unleashed a quantitative easing of a magnitude never seen before. Just two months ago, the United States Senate passed a $ 2 trillion stimulus package that included $ 1,200 in emergency checks for citizens. More recently, the US House passed another $ 3 trillion to fight the coronavirus.
These gigantic releases of quantitative easing have sparked the ire of most market watchers and finance gurus, like Robert Kiyosaki, who are well aware of the potential implications.
The logic behind Kiyosaki’s statements is that while the fiat currency weakens due to increased supply, precious metals and bitcoin are immune to this degradation due to its guaranteed scarcity. When investors realize this, they will migrate to these assets in very large numbers, increasing the price of bitcoin.