Robert Kiyosaki, the acclaimed author of the popular personal finance book “Rich Dad Poor Dad,” recently took to social media X, to endorse Bitcoin as a smart investment in the face of potential inflation.
Kiyosaki, who has over 2.4 million followers, said he is concerned about the inflationary impact of current economic policies. He associated inflation with Marxist principles that drive up prices, contrasting it with capitalism that aims to lower costs.
The outspoken author claimed the current U.S. administration may be leaning towards Marxist tenets. This could force people to safeguard their wealth in alternative assets like gold, silver or Bitcoin instead of the rapidly declining U.S. dollar.
Back in June, Kiyosaki had also warned that many regional banks and mortgage companies were on the verge of collapse. He even predicted an imminent crash in real estate, potentially more extreme than 2008. At the time, his proposed solution was for Americans to stockpile Bitcoin as well as precious metals.
The finance guru also anticipates that Bitcoin’s value will breach $100,000 by 2024. He based this forecast on his view that the dollar’s dominance will fall after BRICS nations introduce a new global reserve currency.
However, legendary investor Warren Buffett disagrees with this rosy outlook on Bitcoin replacing the U.S. dollar as the global reserve currency. Earlier this year, he asserted his belief that no other currency has the potential to supplant the greenback.
Kiyosaki’s latest endorsement of Bitcoin comes as the cryptocurrency maintains a positive price trend. As per CoinGecko, Bitcoin is currently trading at $37,453, down 0.6% over 24 hours but up 2.64% over 7 days.
Its 24-hour trading volume stands at $8.4 billion while its total market valuation is $732.5 billion. With inflation concerns paramount for investors, Kiyosaki continues to champion Bitcoin as a smart hedge. But only time will tell whether his lofty predictions of six-figure BTC prices materialize.
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