Renowned author of “Rich Dad Poor Dad,” Robert Kiyosaki, recently utilized social media to endorse Bitcoin as a prudent investment amidst potential inflationary pressures.
With over 2.4 million followers, Kiyosaki expressed apprehension regarding the inflationary consequences of current economic policies. He equated inflation with Marxist principles that elevate prices, contrasting it with capitalism, which strives to reduce costs.
Kiyosaki speculated that the current U.S. administration might lean towards Marxist ideologies, potentially prompting individuals to seek refuge for their wealth in alternative assets such as gold, silver, or Bitcoin, rather than the depreciating U.S. dollar.
Kiyosaki’s Past Warnings and Bitcoin Predictions
Earlier warnings from Kiyosaki indicated the fragility of regional banks and mortgage companies, suggesting an imminent real estate crash potentially surpassing the severity of the 2008 crisis. During that period, he advised Americans to accumulate Bitcoin and precious metals as a safeguard.
Kiyosaki anticipates Bitcoin to surpass $100,000 by 2024, primarily driven by the dollar’s anticipated decline post the introduction of a new global reserve currency by BRICS nations.
However, this bullish outlook contrasts with legendary investor Warren Buffett’s skepticism. Buffett has previously expressed his belief that no currency possesses the potential to supersede the U.S. dollar as the global reserve currency.
Bitcoin Current Market Performance
As of the latest data from CoinGecko, Bitcoin is presently trading at $37,453, while reflecting a 0.6% decline over the past 24 hours but marking a 2.64% increase over the last 7 days. The cryptocurrency’s 24-hour trading volume records $8.4 billion, while its total market valuation stands at $732.5 billion.
Amid escalating inflation concerns, Robert Kiyosaki maintains his advocacy for Bitcoin as a strategic hedge. However, the divergence in opinions among financial experts, notably Kiyosaki and Buffett, raises uncertainties regarding Bitcoin’s future role along with whether Kiyosaki’s lofty price predictions will materialize.