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- Robert Kiyosaki issues a stark warning about an impending stock market crash.
- Kiyosaki attributes the stock market’s current strength to government financing.
- He continuously advocates for Bitcoin as a hedge against market turbulence.
Renowned author of “Rich Dad Poor Dad” and vocal Bitcoin advocate Robert Kiyosaki has issued a stark warning regarding the stability of traditional financial markets, particularly the U.S. stock market.
In a recent tweet, Kiyosaki expressed concerns about the current bullish trends in major indices. Notably, the Dow Jones Industrial Average, Nasdaq Composite Index, and the S&P 500 Index have seen significant gains in the past 24 hours, with the S&P 500 reaching a new all-time high.
Robust corporate earnings and a better-than-expected January jobs report fuel the apparent strength of the market. Yet, Kiyosaki believes that the underlying economic conditions are far weaker than they appear.
He attributes the continued ascent of the stock market to what he terms the “Magnificent 7.” It refers to a group of major companies, including Apple, Alphabet (NASDAQ:GOOGL), Meta Platforms, Amazon, Microsoft, NVIDIA, and Tesla, which he suggests are artificially propped up by government financing.
Kiyosaki’s cautionary stance extends beyond the stock market, as he predicts imminent crashes in both the stock and bond markets.
The stock market is climbing higher and higher. Suckers actually believe the economy is strong. Don’t be fooled. The Magnificent 7 financed by US government dollars keeps stock market up. Please be careful. Stock and Bond markets about to crash.— Robert Kiyosaki (@theRealKiyosaki) February 3, 2024
Meanwhile, X users reacting to Kiyosaki’s commentary expressed skepticism about his forecast. In particular, they pointed out his previous predictions over the past several years that may have been largely unrealized.
Nonetheless, Kiyosaki has remained resolute in his critique of the traditional market. In an earlier post, he cited ongoing wealth erosion facilitated by inflation, taxation, and stock price manipulation orchestrated by central authorities.
Kiyosaki disclosed the highlighted negative factors as the foundation for his decision to allocate assets to Bitcoin rather than bonds and stocks continuously.
According to Kiyosaki, Bitcoin serves as a hedge against wealth erosion perpetrated by the Federal Reserve, Treasury Secretary, and Wall Street bankers. On this premise, he has persistently urged the investing community to acquire Bitcoin. Kiyosaki believes Bitcoin could reach $150,000 in the coming years.
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