Bitcoin (BTC) has once again found a vocal advocate in Robert Kiyosaki, the renowned author of the best-selling book “Rich Dad, Poor Dad,” amidst the tumultuous state of the market. Kiyosaki continues to emphasize the importance of Bitcoin and precious metals.
In a recent tweet, he expressed his unfiltered opinion, predicting a grim future for the real estate sector and the potentially catastrophic repercussions it may have on the global financial landscape.
With his extensive experience and expertise in financial matters, Kiyosaki’s words carry significant weight and have garnered the attention of investors and individuals seeking insights into the current economic climate.
Robert Kiyosaki. Image: Medium
Financial Guru Predicts A Severe Economic Downturn In 2023
In his tweet, Kiyosaki provides a stark warning, advising individuals to consider alternative ways of preserving their wealth during these challenging times. He specifically highlights gold, silver, and Bitcoin (BTC) as the best stores of value to safeguard one’s assets amidst the impending economic turmoil.
Greatest Real Estate crash ever. 2008 was the GFC. 2023 will make 2008 GFC look like nothing. In 2019 Office Towers in San Francisco were hot. In 2023 same buildings have lost 70% of value. What will WOKE cities do with office buildings? Homes for the homeless. Get G, S, BC.
— Robert Kiyosaki (@theRealKiyosaki) June 8, 2023
Referring to the upcoming crisis as the “Greatest Real Estate crash ever,” Kiyosaki draws a striking parallel between the 2008 global financial crisis and the forthcoming economic downturn. He asserts that the magnitude of the upcoming crash will dwarf the impact of the 2008 crisis.
Bitcoin (BTC) total market cap currently at $513 billion on the daily chart at TradingView.com
The book author further illustrates this point by citing the drastic decline in value experienced by office towers in San Francisco. In just a few years, these buildings have reportedly lost a staggering 70% of their value, raising questions about the future utility of such properties. He suggests that repurposing these buildings as homes for the homeless might be a potential solution.
Continued Support By Kiyosaki For Bitcoin Amidst Market Volatility
Kiyosaki has a history of delivering stark warnings and promoting the merits of Bitcoin. In April, he took to Twitter to express his belief that Bitcoin would continue to appreciate, stating that he “bets Bitcoin will keep going up.” This statement came as Bitcoin had already experienced a significant increase in value, soaring by 100% from its 2022 low of approximately $15,500 to a high of $31,000 in 2023.
The financial guru’s decision to invest in Bitcoin and precious metals stems from his deep-seated skepticism towards institutions such as the United States Federal Reserve, the US Treasury Department, and President Joe Biden. He views these entities with a lack of trust, which has influenced his inclination to seek alternative investment options to safeguard his wealth.
As per the latest data from CoinGecko, Bitcoin is currently priced at $26,504. Over the past 24 hours, the alpha coin has witnessed a modest rally, experiencing a 0.3% increase in value. However, in the previous seven days, Bitcoin lost 2.2% of its value.
Featured image from Getty Images