Robert Kiyosaki, best-selling author of "Rich Dad Poor Dad," recently shared his perspective on the financial market, suggesting that Bitcoin, gold, and silver are currently undervalued and thus present attractive investment opportunities. Kiyosaki, known for his criticism of fiat currencies, also cautioned about a potential stock market crash.
The author's views were made public in a recent statement where he underscored the importance of the quantity of these assets held today rather than their projected future values. He indicated that these commodities are presently bargain buys, a situation that might change soon.
Kiyosaki has been favoring Bitcoin over other cryptocurrencies for a long time and has been steadily increasing his Bitcoin portfolio. He stated that Bitcoin is classified as a commodity similar to gold and silver, while other cryptocurrencies are considered securities and could face regulatory challenges from entities like the Securities and Exchange Commission (SEC).
Earlier this year, Kiyosaki made a bold prediction about Bitcoin's price. He forecasted that by 2025, the cryptocurrency's value would reach $500,000. Contrarily, he suggested that fiat currencies, including the US dollar, are on a depreciation trajectory due to significant monetary injections into the economy leading to high inflation.
In related news, Bitcoin recently surpassed the $27,000 mark for the first time this month. The cryptocurrency rose by 3.7% to $27,418 before experiencing some losses. Currently, it is trading at around $27,100 with little change over the past day. Over the past week and month, Bitcoin has increased by more than 4% and around 5%, respectively.
This surge in price precedes the Federal Open Market Committee (FOMC) meeting scheduled for Tuesday and Wednesday. It is expected that during this meeting, the Federal Reserve will maintain steady borrowing rates, which typically diminish the appeal of riskier assets like cryptocurrencies. Following a sustained struggle at the $25,000 support level, Bitcoin held firm. Range traders are now anticipated to take profits just above the $30,000 mark, as per Mati Greenspan, CEO of Quantum (NASDAQ:QMCO) Economics.
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