Rich Dad Poor Dad author outlines 7 reasons to buy Bitcoin
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Answer Rich Dad Poor Dad author outlines 7 reasons to buy Bitcoin
Robert Kiyosaki – author of the popular personal finance book Rich Dad Poor Dad – has published Reasons to Buy Bitcoin as another enthusiastic statement in support of cryptocurrencies.
The author listed 7 reasons to buy bitcoin that are trying to convince his followers to invest in bitcoin and precious metals especially in the current financial situation of the USA government.
Kiyosaki: The US dollar is gradually dying
Reply in Tweet Kiyosaki said the number one reason to invest in bitcoin is because the United States borrows a lot of money.
According to the US National Debt Watch, the nation’s debt now stands at nearly $31 trillion in debt.
Meanwhile, the US GDP is only $24.8 trillion, putting the country’s debt-to-GDP ratio at 137.76%.
Next, Kiyosaki indicated the country’s intent to keep interest rates low.
Interest rates were moved to historically low levels during 2020 and 2021, spurring a bull market for both Bitcoin and stocks.
However, keeping interest rates low requires the Federal Reserve to buy Treasuries and expand its balance sheet.
This leads to another reason to buy bitcoin: inflation.
Annual US CPI inflation has been on the rise since 2021, peaking in June at 9.1%.
However, this number has held fairly steady over the past couple of months thanks to the Fed’s tightening of interest rate hikes – which has soured the crypto and stock markets.
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Inflation and stagnation:
As the author points out, higher interest rates lead to more expensive debt across the board.
DataDash financial markets analyst Nicholas Merten noted Monday that Fed policy is now raising the cost of shelter.
According to Merten, this could lead to higher levels of stagnation.
In fact, the US already confirmed a recession in July after posting two consecutive quarters of negative GDP growth.
Some crypto bulls have predicted that the Federal Reserve will return to loose monetary policy in the face of market turmoil.
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This should lead to higher cryptocurrency/asset prices and a weaker dollar.
Thus, Kiyosaki reached his final conclusion that the US dollar is dying.
He concluded his speech by saying: Buy Bitcoin
Gold, silver and bitcoin are often grouped into the same group as forms of “sound money” – money that is scarce and reliable, and therefore cannot be undervalued.
This makes it resistant to inflation, unlike the dollar, which has greatly expanded supply over the past three years.
Kiyosaki also recommended that his followers invest in precious metals and Ethereum on some occasions.
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