During his May radio broadcast, “Rich Dad Poor Dad” author Robert Kiyosaki slammed the world’s leading cryptocurrency as having no inherent worth.
“I trade bitcoin. However, I do not believe it has any value. I simply play the game” he said.
Fast forward four months, the popular author changes tunes and urged investors to pour money into crypto now.
His reason? A disastrous market crash is imminent, so investors should purchase cryptocurrencies before they supplant the US dollar and change the entire financial infrastructure.
When Kiyosaki speaks, people tend to pay attention, at least those who are not on the opposite side of the fence regarding whether or not he is spewing out nonsense.
Kiyosaki Believes Crypto Is The Answer To An Economic Disaster
As reported by Markets Insider, the financial analyst stressed – using aggressive capitals – the following regarding the impending economic collapse:
“It’s not enough to WANT to get into crypto… now is the time you NEED to get into crypto, before the biggest economic crash in history.”
Kiyosaki has expressed interest in “safe haven” assets such as gold and silver as a buffer against severe economic turbulence on numerous occasions in the past.
Kiyosaki touts crypto as the best defense against a market collapse. Image: Entrepreneur.
However, he has also occasionally addressed Bitcoin in the same language, albeit typically in a speculative context that demonstrates little interest in the asset’s long-term prospects.
Kiyosaki’s latest caution is in the same vein as that of the current inflation figures that were posted Tuesday. The numbers have come out to be more than estimated and has dragged down the price of Bitcoin and other popular cryptos, including stocks, as they seem to always do.
In June, the crypto pessimist also provided unconventional advise to investors seeking to outpace inflation. To prepare for price rises, he suggested accumulating canned goods such as tuna and baked beans, as well as domestic items such as trash bags and toilet paper.
What Other Investors And Analysts Are Saying
Meanwhile, Michael Burry, an American investor, hedge fund manager, and physician, detected an unprecedented asset price bubble last year and said it would climax in the “mother of all disasters.”
Jeremy Grantham, a veteran investor and co-founder of GMO, warned in a research report last week that an “epic superbubble” in stocks, bonds, and real estate was ready to implode.
Kiyosaki predicted a protracted decline, but he reaffirmed his conviction that bear markets are the optimum moment for investors to grab the best deals and earn decent profits.
The finance guru argues that the US currency would bring down the present economic system, paving the way for crypto’s mass adoption because it is not controlled by the government.
BTC total market cap at $388 billion on the daily chart | Source: TradingView.com Featured image from Medium, chart from TradingView.com