Robert Kiyosaki, entrepreneur and best-selling author of Rich Dad Poor Dad described Bitcoin (BTC), silver and gold as a “buying opportunity” as the US dollar strengthens and interest rates continue to rise.
In a tweet dated Oct. 2 to his 2.1 million followers, the author noted that the prices of the three commodities sometimes referred to as “safe haven” assets will continue to fall as the US dollar rises, proving the value of “Fed Reversal” and interest rate cuts.
Beyond the previous day, Kiyosaki predicted that this “reversal” could happen as early as January 2023, when the US dollar “collapses” in the same way that the British pound recently collapsed.
Will the US dollar follow the British pound? I think he will. “I think the US dollar will collapse by January 2023 after the Fed rolls over,” Kiyosaki said, adding that he “will not be a victim of the F*CKed FED.”
Because it’s already May. In 2020, Kiyosaki was a proponent of asset classes that the Federal Reserve could not directly manipulate, as he warned investors to “get bitcoin and save yourself” after immediate episodes of the Fed’s massive money printing in response to the COVID-19 pandemic.
Interestingly, Kiyosaki’s sympathy for bitcoin continues despite his disbelief in its value, as he said in a recent interview with Rich Dad. The author appears to endorse Bitcoin again in his latest tweet, noting:
“When the Fed rolls around and cuts interest rates like England just did, you’ll smile while others cry.”
In a September letter to his subscribers, Kiyosaki emphasized the need to invest in digital assets now to reap huge returns in the long run:
“It is not enough to want to enter the crypto world […] Now is the time to enter the crypto world, before the biggest financial crash in history.”
According to Trading Economics, the US dollar has gradually strengthened against other major global currencies over the past year, with GBP/USD, EUR/USD and JPY/USD down 18.24%, 15.54% and 23.33% respectively. .
At the same time, the Fed rate hike, along with a rally in the US dollar, saw a 55% drop in cryptocurrency market capitalization over the past 12 months.
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Co-founder of the hedge fund S.K. Cheng said last month that he expects October to be “extremely volatile” for Bitcoin.
“October is a somewhat volatile period, especially in combination with rising inflation, with much controversy about the Fed and policy changes. The concern is that if the Fed tightens too much, the US economy could actually plunge into a severe recession.”.