Robert Kiyosaki, the author of the bestselling Rich Dad Poor Dad, revealed in a tweet that he is buying Bitcoin and Ethereum to hedge against rising inflation.
Robert Kiyosaki recommends Bitcoin to prevent economic crisis
Rising prices in the US have exceeded 5%, sending the value of basic necessities and commodities soaring and causing concern across the board at the Fed and the Biden administration.
The famous author of personal finance novels has been talking about Bitcoin and cryptocurrencies as attractive investments for some time. In October, he advised people to buy gold, silver and Bitcoin to prevent the effects of a possible new economic depression.
In June, he said the following in one of his tweets, when the price of Bitcoin was around $30,000:
“The best time to prepare for a crash is before the crash. The biggest crash in world history is coming. The good news is the best time to get rich is during a crash. Bad news is the next crash will be a long one. Get more gold, silver, and Bitcoin while you can. Take care”.
Kiyosaki’s wrong predictions
However, it is worth mentioning that in September Kiyosaki anticipated a giant crash in the stock markets and a subsequent likely crash in Bitcoin as well. For both, October was a record month.
It was in October that Kiyosaki, having by then realized that his prediction had little chance of coming true, changed his mind and with the Bitcoin price above $60,000, tweeted enthusiastically:
“Hooray. Bitcoin rising above $60,000. Future very bright. Celebrate yet be cautious. I am waiting for a pull back before investing more”.
But predictions are clearly not his strong suit since in June he predicted Bitcoin would fall to 27,000 before buying back the digital currency.
A few days ago in a televised statement, he said verbatim:
“I love Bitcoin because I do not trust Fed, Treasury, or WallStreet”.
But the one against the Fed seems to be almost an obsession. In May he tweeted:
“Fed will raise interest rates causing stock, bond, real estate & gold crash”.
And it is also for this reason that Kiyosaki strongly recommends buying Bitcoin and cryptocurrencies, which are seen as anti-inflationary assets and are currently beyond the control of central authorities.