Cryptocurrency Market News: Robert Kiyosaki, the author of Rich Dad Poor Dad, reiterated his stance of buying gold and Bitcoin (BTC) amid the talks over raising the debt ceiling ahead of the June 1, 2023 deadline. Recently, he stated Bitcoin (BTC) as a financial resources appreciator and an insurance policy as tightening market conditions make it risky to invest in traditional assets in the financial market. He believes there will be a ‘ collapse landing’ situation and that buying gold, silver and Bitcoin (BTC) would save investors. In the meantime, the debt ceiling talks are is still to intensify before the June 1, 2023 deadline.
A similar debt ceiling debate in the United States happened in July 2011, after which the financial markets crashed. Simultaneously, Bitcoin (BTC) price dropped by a whopping 61%, although those were initial years after the digital currency’s launch.
Debt Ceiling Deal Talks ‘Bad Comedy’
The author was known the United States debt limit debate ‘bad comedy’, indicating that the United States is indeed bankrupt and that it has unfunded liabilities of over $250 trillion as social security. Amid the debt ceiling negotiations, the immediate goal will be to avoid defaulting on credit with the raised limit. Nonetheless, top Republican Kevin McCarthy on Wednesday stated there was many of division among the leaders about cost cutting but a deal will possibly likely be reached. Kiyosaki said further,
“Politicians debating raising $ 30 trillion United States debt limit bad comedy, “kabuki theater.” Facts are: United States bankrupt. Unfunded liabilities as Social Security are over $250 trillion.”
In the meantime, the cryptocurrency market prices are largely impacted by the macroeconomic events, although it is speculated that a stock market tragedy would sooner or thereafter benefit Bitcoin (BTC) as it can potentially be preferred as a high danger bet against market uncertainty.