U.Today - Robert Kiyosaki, a renowned investor and entrepreneur, known for his YouTube podcasts and for authoring best-selling book “Rich Dad Poor Dad,” has issued a big Bitcoin warning. However, it has a silver lining that can make investors happy, he hinted.
His statement came after the world’s bellwether cryptocurrency crashed by 4.20%, losing the $106,000 price level on Friday.
"Bitcoin may crash — time to get richer": Kiyosaki
Robert Kiyosaki published his tweet about U.S. President Donald Trump imposing 25% tariffs on the U.S. trading partners Canada and Mexico, as well as 10% duty on China as of today, Feb. 1.That sent the Dow Jones Industrial Average index down 300 points (0.7%), and the S&P 500 and the Nasdaq 100 also showed big losses.
Kiyosaki tweeted, “Trump tariffs begin: gold, silver, Bitcoin may crash.” BTC tanked by more than 4% on Friday, plunging from $106,000 to $101,564. By now, the largest cryptocurrency has pared its losses a little and is changing hands at $102,273 per coin.
Financial guru Kiyosaki was pleased at the upcoming crash of Bitcoin and other safe-haven assets. However, as stated above, Bitcoin has begun to recover, and as for silver and gold mentioned by Kiyosaki, those have hardly seen any damage — gold has lost 0.66%, and silver dropped by 1.21%.
The good news, per the investment expert, is that “crashes mean assets are on sale.” He shared his plan to buy more Bitcoin “after prices crash.” He believes that it is “time to get richer” now. However, Kiyosaki named an issue which, he believes, can hardly be solved by Bitcoin — the U.S. national debt: “Real problem is DEBT...which will only get worse,” he stated.
Can Bitcoin help reduce U.S. debt?
Official data shows that the U.S. national debt has exceeded $36.4 trillion and continues growing. The newly elected president has appointed Elon Musk and Ramaswamy to head the Department of Government Efficiency to reduce the immense government expenses and perhaps prevent another trillion from being added to the debt.Initially, during his election campaign Trump stated that, if elected, the U.S. would embrace Bitcoin and perhaps even pay part or all the U.S. debt with BTC. He also said he would create a Strategic Bitcoin Reserve.