Benzinga - Robert Kiyosaki, the author of the best-selling book “Rich Dad Poor Dad,” has shared his strategy for navigating the ongoing Bitcoin (CRYPTO: BTC) market crash, highlighting the potential for wealth growth during such periods.
What Happened: Kiyosaki took to social media platform X, to share his insights on the current market situation. He began by acknowledging the commencement of a “bad” crash, but also pointed out that such downturns present unique opportunities for wealth accumulation.
He warned against the devaluation of fiat currencies and encouraged his followers to view the crash as a potential turning point in their financial journey.
“DON'T SAVE MONEY: Fake money (US dollar, Euro, Yen, Peso) goes down in value. Save gold, silver, Bitcoin, real money that goes up in value, especially in a market crash. TAKE CARE and make this CRASH the best thing that ever happened to you,” Kiyosaki said.
BAD NEWS: CRASH has BEGUN. It will be a bad one.GOOD NEWS: CRASHES are the best time to get rich. Bargains will float to the surface.
RULES to REMEMBER in a CRASH:
1: DON'T CATCH FALLING KNIVES: Just because prices are falling DO NOT get GREEDY. Wait til prices have…
— Robert Kiyosaki (@theRealKiyosaki) May 3, 2024
The author outlined six rules to follow during a market crash. These included refraining from making impulsive investment decisions, seeking out reliable sources of information, surrounding oneself with like-minded individuals, starting a side business, choosing the right mentors, and investing in assets that retain or increase in value, such as gold, silver, and Bitcoin.
See Also: INSIDER BUYING: Vuzix (NASDAQ:VUZI) Executives Including CEO Snap Up Shares
Why It Matters: Kiyosaki’s advice comes at a time when the global economy is facing significant challenges. The U.S. is grappling with the specter of stagflation, a scenario characterized by slow growth and rising inflation. This has led to concerns about the future of the economy.
The Federal Reserve has decided to keep interest rates steady, emphasizing the need to allow more time for restrictive monetary policies to bring inflation towards the Fed's 2% goal. This decision has had a significant impact on market dynamics.
"The inflation data received so far this year have been higher than expected," Federal Reserve Chair Jerome Powell said on Wednesday, adding that it is likely that gaining greater confidence in disinflation will take longer than previously thought.
However, there are also signs of resilience in the global economy, with the OECD revising its 2024 growth forecast upwards. This indicates a potential escape from the stagflationary trend, offering a glimmer of hope for the future.
Earlier in the year, Kiyosaki had also expressed his bullish stance on Bitcoin, urging investors to buy as much as they could afford. His recent strategy aligns with this stance, emphasizing the potential of Bitcoin as a valuable asset during market downturns.
Price Action: Bitcoin is presently trading at $59,7790, up 1.19% over the last 24 hours. Nonetheless, it has surged by 35.31% since the beginning of the year, according to the data from Benzinga Pro.
Read Next: If You Invested $1000 in Chipotle Mexican Grill a Decade Ago, This is How Much It’d Be Worth Now
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.