Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” has predicted a “giant stock market crash” coming in October. He thinks “bitcoin can crash too.” The famous author also gave his opinion on the Chinese crackdown on cryptocurrencies.
Robert Kiyosaki warns of giant market crash in October
Famous author and investor Robert Kiyosaki has predicted that a “giant stock market crash” is coming in October, noting that gold, silver, and bitcoin may crash as well.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in more than 51 languages in more than 109 countries.
Kiyosaki tweeted on Saturday:
Giant stock market crash coming October. Why? Treasury and Fed short of T-bills. Gold, silver, bitcoin can also crash. Better cash for picking up good deals after a crash. Not selling gold, silver, bitcoin, yet have lots of cash for life after stock market crash. Stocks dangerous. Careful.
Kiyosaki made his voice heard predicting the biggest stock market crash. In June, he warned that the “biggest crash” in the world’s history was coming since the “biggest bubble” in the world’s history was “getting bigger.” He suggested at the time to buy more gold, silver, and bitcoin.
The famous author said in August: “Bitcoin has the biggest advantage. With dollar dropping, bitcoin and silver are the best investments.” He also shared, “The main reason I invest in bitcoin, gold and silver is because I don’t trust our leaders, the Fed, the Treasury or the stock market. . Sadly, money saving mom and dad do.
On Friday, after the news of China’s crackdown on cryptocurrency, the Rich Dad Poor Dad author commented:
China this morning announced a new crackdown on crypto. What does it mean? It means China is about to launch its government crypto coin. If the United States follows, the Fed coin means bitcoin is banned, the United States becomes a centralized government, like China, American communism begins, our freedoms end.
While China is already heavily testing the digital yuan, the U.S. Federal Reserve still has not decided whether to issue a central bank digital currency (CBDC). Fed Chairman Jerome Powell said last week that the Fed would soon release a discussion paper on the subject.
Some people see China’s action to crack down on crypto as positive news, including several U.S. lawmakers, who said the Chinese crypto crackdown is a big opportunity for the U.S. to lead in the area of cryptocurrencies. “China’s authoritarian crackdown on crypto, including bitcoin, is a great opportunity for the United States. It is also a reminder of our huge structural advantage over China,” said Senator Pat Toomey.
