Amid ongoing negotiations on raising the national debt ceiling in the United States, Robert Kiyosaki, author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has criticized the challenge as “bad comedy,” arguing that the United States is bankrupt and recommending assets to guard oneself in a possible crisis.
Nonetheless, Kiyosaki compared the United States debt-ceiling crisis to “kabuki theater,” a form of traditional Japanese theater mixing dynamic, dramatic performance with traditional dance, while advising his followers to invest in gold, silver, and Bitcoin (BTC) in a tweet shared on May 24.
“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. Financial market ‘derivative assets’ measured in quadrillions…thousands of trillions. WTF. Buy G,S, BC.”
Bankruptcy fears
With this tweet, he was referring to the debate betwixt lawmakers on both sides of the American political spectrum – Republicans and Democrats – on the challenge of raising the $30 trillion United States debt limit by June 1 to be able to prevent the country from spiraling into bankruptcy.
Nonetheless, the financial educator has likewise expressed his view that the United States was already bankrupt, echoing his previous statements that the country was “sitting on the edge of a great depression” and that an “economic tsunami” was coming to sweep the United States as the United States dollar loses its status as the world’s reserve currency.
Why Bitcoin?
In the meantime, Kiyosaki has long advocated buying Bitcoin (BTC) as one of the ways to provide safety in the face of the possible substantial fall, likewise as, in his words, the growing corruption and incompetence in the country that he believes is in for a “ collapse landing,” as Finbold informed on May 19.
Additionally, he believes the flagship decentralized finance (DeFi) investment will continue to boost in value, sooner or thereafter reaching $100,000, because “people support” it, not the Federal Reserve or the Government, and that it did not need bailouts because it’s the “people’s money.”
That stated, Bitcoin (BTC) was at the time of publication currently worth $26,227, down 1.89 percent on the day, in addition to dipping 4.37 percent across the last week and declining 4.01 percent on its monthly chart, losing all its major support levels and threatening to decline below $24,000, as per the latest data on May 25.
Featured image via Ben Shapiro’s YouTube.
Disclaimer: The content on this site should not be considered financing advice. Investing is speculative. And once investing, your financial resources is at risk.
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