Benzinga - Robert Kiyosaki, best known for his book “Rich Dad Poor Dad,” on Sunday urged individuals to invest in Bitcoin (CRYPTO: BTC) and traditional assets as a safeguard against potential economic challenges.
What Happened: Kiyosaki in a tweet on X said, “Many people think HYPERINFLATION means prices are going UP. It means the exact opposite. Hyperinflation means the purchasing power of your money is going down. Don’t be a loser. Buy gold, silver, & Bitcoin and be a winner, not a loser.”
Hyperinflation is an extreme economic phenomenon characterized by rapidly rising prices and a sharp devaluation of a country’s currency. It often occurs when a country’s central bank prints excessive amounts of money, leading to a loss of confidence in the currency and a collapse of the economy.
Many people think HYPERINFLATION means prices are going UP. It means the exact opposite. Hyperinflation means the purchasing power of your money is going going. Don't be a loser. Buy gold, silver, & Bitcoin and be a winner not a loser.— Robert Kiyosaki (@theRealKiyosaki) September 30, 2023
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Why It Matters: These from Kiyosaki come in the wake of last week’s U.S. inflation reading, which did not present any significant surprises.
Major market indexes continued to build on previous gains as yields and volatility declined. The core Personal Consumption Expenditures (PCE) prices for August demonstrated a 0.1% month-over-month increase, aligning closely with the average Wall Street estimate of 0.2%. On an annual basis, the PCE prices rose by 3.9%, in line with expectations and closely monitored by the Federal Reserve.
Last week, Kiyosaki expressed concerns regarding the potential introduction of Central Bank Digital Currencies (CBDCs) and the accompanying erosion of privacy. He posited that in a future dominated by CBDCs, traditional assets like gold, silver, Bitcoin, and cash could become invaluable.
Price Action: At the time of writing, BTC was trading at $28,340.81, up 3.78% in the last 24 hours, according to Benzinga Pro.
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