Renowned business titan and author Robert Kiyosaki recently expressed his opinions on the significance of Bitcoin (BTC) in relation to the mounting national debt of the United States. Kiyosaki draws attention to the deteriorating United States economy, growing national debt, and the ongoing debate in Congress about raising the debt limit to $31.4 trillion to avoid default.
Kiyosaki’s Investment Perspective
Kiyosaki thinks that the United States economy resembles a “kabuki theater,” invoking the Japanese dance and drama form, and implies that the country is effectively bankrupt. He outlines the alarming unfunded Social Security commitments of over 250 trillion dollars and emphasizes the staggering value of “derivative assets” in the financial market, which amounts to thousands of trillions of dollars.
Likewise Read: Robert Kiyosaki’s Bold Response to the Deteriorating Worldwide Financial Climate – Coinpedia Fintech News
In light of these concerns, Kiyosaki recommends diversifying assets to include gold, silver, and Bitcoin, often referred to as “digital gold,” as a safeguard against a potential financial collapse.
A Revised Forecast
Kiyosaki’s support for Bitcoin (BTC) aligns with mainstream perspectives, as he has advocated for digital currency for years. And once the COVID-19 pandemic hit in 2020 and the United States Government injected trillions of dollars into the economy, Kiyosaki criticized the newly created money, referring to it as counterfeit since it was essentially manufactured out of thin air.
With the United States dollar (DXY) experiencing a decline, Kiyosaki’s assertions gain credibility. At the beginning, he predicted that Bitcoin (BTC) could accomplish $500,000 by 2025, but he thereafter adjusted his forecast to a more conservative estimate of $100,000, a figure that numerous investors still find reasonable.
Bitcoin (BTC) Market Performance
In the previous week, the Bitcoin (BTC) price has witnessed a steady decline, dropping from $27,412 on Tuesday to $26,077, representing a loss of approximately 4.87%. Nonetheless, the digital currency has since experienced a partial recovery and is as of now currently worth $26,228. It is worth keeping in mind that James Bullard, the president of the Federal Reserve Bank of St. Louis, recently expressed his expectation of two 25 basis points interest price hikes by the Federal Reserve in 2018. Historically, BTC’s value has tended to decrease whenever the Federal Reserve raises interest prices, both in the present and previous years.
Famous commodity trader Peter Brandt recently made a pessimistic prediction for Bitcoin (BTC) according to a flag pattern observed on a chart, indicating that the digital currency may continue to struggle in the ongoing bear market. Regardless of these mixed predictions, Robert Kiyosaki’s views on Bitcoin (BTC) remain relevant and influential. In these tumultuous times, it is crucial to consider the assets that can withstand volatility of the market and provide stability.