Benzinga - by Benzinga Neuro, Benzinga Staff Writer.
Financial guru Robert Kiyosaki has urged his followers to invest in gold, silver, and Bitcoin (CRYPTO: BTC) in response to the escalating US debt.
What Happened: On Thursday, Kiyosaki, author of the best-selling book “Rich Dad Poor Dad,” took to X, formerly Twitter, to express his concerns about the U.S. debt, which he claims is increasing by $1 trillion every 90 days.
“Don't be SCARED: Be PREPARED: US debt $34 trillion. Debt increasing by $1 trillion every 90 days. America is sick. Prepare now. Buy more gold, silver, Bitcoin. Please take care,” he tweeted.
Don't be SCARED: Be PREPARED: US debt $34 trillion. Debt increasing by $1 trillion every 90 days. America is sick. Prepare now. Buy more gold, silver, Bitcoin.Please take care.
— Robert Kiyosaki (@theRealKiyosaki) March 9, 2024
Earlier this week, Kiyosaki had expressed his bullish sentiments on Bitcoin, predicting it to reach $300,000 per unit in 2024. He emphasized the importance of investing, even if the initial step is as little as $500.
Why It Matters: Data from the Treasury Department indicates that total public debt stands at $34.46 trillion at the time of writing.
In Nov. 2023, Moody’s downgraded the outlook on the U.S. government’s ratings from stable to negative. However, the ratings agency at the time maintained the Aaa rating on long-term issuer and senior secured ratings of the nation.
Kiyosaki’s advice comes at a time when Bitcoin has been experiencing significant volatility. The cryptocurrency recently hit a new all-time high of $69,170.63, surpassing its previous 52-week high of $68,789.63. However, its push to break the psychologically important barrier of $70,000 was short-lived, as it dipped 5% to a low of $66,600, causing liquidations of leveraged positions worth $240 million within an hour of trading.
Despite the volatility, Kiyosaki remains a strong advocate for Bitcoin. In a previous post, he stated that not buying Bitcoin is “the biggest mistake you can make.” He also revealed that he would buy more Bitcoin if the apex cryptocurrency suffered a massive market crash.
Price Action: At the time of writing, Bitcoin traded 0.2% higher at $69,605.73, according to Benzinga Pro data.
Photo Courtesy: Wikimedia Commons
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