Robert Kiyosaki – the famed author of the bestselling book “Rich Dad, Poor Dad” – is once again talking about bitcoin and about how the world’s number one cryptocurrency by market cap faces an imminent crash once a COVID vaccine emerges.
Robert Kiyosaki: Once A Vaccine Emerges, It’s All Over
The idea behind bitcoin right now is that it is a strong tool that can potentially hedge one’s wealth against inflation and other harsh economic circumstances. Many of these circumstances are being brought on by the spread of the coronavirus, which first turned into a world-ravaging issue six months ago in March of this year.
During that time, our financial markets all began to fall apart. Stocks dropped to massive lows, while bitcoin itself suffered heavily. The currency briefly dropped into the high $3,000 range from $9,000 before eventually recovering back to the $5,000 range. Eventually, after roughly two months, the currency found itself back where it was.
Still, Kiyosaki isn’t convinced that the good fortune bitcoin has been enjoying as of late is going to last. He commented in a series of tweets that right now, bitcoin is doing well because it’s a tool during a time of crisis, but once a vaccine for the pandemic emerges and the crisis ends, bitcoin will once again find itself swamped in anonymity and bearishness.
He commented further that one of the big reasons for bitcoin’s eventual demise will be that once the coronavirus is good and gone, the U.S. will have to deal with the massive debt it’s had to incur during these harsh times, which will ultimately have a negative effect on the status and price of BTC.
U.S. debt. U.S. Bankrupt. $28 trillion balance sheet debt. $120 trillion off balance sheet social obligations… What happens when vaccine is proven? Gold, silver and bitcoin will CRASH. Buying opportunity. Real problem NOT pandemic. Real problem massive US debt… Gold, silver, bitcoin best investments long term.
Not Necessarily a Bad Thing
His words are interesting in that for the most part, over the past few months, Kiyosaki has largely turned away from the likes of both gold and silver and pushed bitcoin as the ultimate investment tool. It’s interesting that he’s now turning back to precious metals and acknowledging them as items that need to be part of any established wealth stash or portfolio.
In addition, he’s commenting that while bitcoin could crash, the situation will not necessarily lead to any serious problems. Rather, it will be an interesting period of investing for both experienced and new traders. He believes that the price falls that will likely be incurred by bitcoin, gold and silver will give people an opportunity to buy at lesser prices, and thus bring these assets back to where they once were without the pandemic attached.