Bitcoin, which was maintaining its price levels above $22,000 for a while now, has lost that crucial area. The main reason for this is the recent release of August’s Consumer Price Index (CPI) data, which is indicating 8.3% year-on-year.
Experts were expecting a figure of 8.1%, and thus, this increased position has come as a shock to the entire crypto space.
Now, it’s important to see how the Federal Reserve reacts to a hike in interest rates.
Meanwhile, Robert Kiyosaki, author of the Rich Dad Poor Dad and financial expert, continues with his prediction that one of the largest crashes in history is about to take place. This is the reason he is advising everyone to grab cryptocurrencies before they overtake the US Dollar.
Everyone should invest in crypto
Although Robert is predicting a massive bear cycle, he also claims that it is time for investors to deposit and claim returns later. He points out that in the ensuing crash, the US dollar will drag down the entire economy, leading to worldwide acceptance of cryptocurrencies.
He goes on to say that this is not the time for want, it’s a need- everyone should enter the crypto space before it’s too late.
He keeps on releasing his predictions on Twitter. The link below is an example of one such tweet, in which he claims that the market is in a downtrend, indicating a fall in the prices of stocks, bitcoin, gold, silver and real estate.
After examining how Bitcoin and other cryptocurrencies have plunged along with stocks and other risky assets and with today’s CPI data release, it appears as if Robert Kiyosaki’s prediction might turn out to be true.
