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Should You Buy Bitcoin? Robert Kiyosaki Says “Yes”

Even though Bitcoin (BTC) is low right now and struggling to get above $65,000, the esteemed author of Rich Dad, Poor Dad, Robert Kiyosaki, says to buy Bitcoin.

Bitcoin

He advises investors to buy up gold, silver and Bitcoin right now, as he fears that the US dollar will collapse in the near future. His warnings come in light of BRICS countries’ attempts to undermine the US dollar.

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These are Brazil, Russia, India, China, and South Africa who have formed a partnership for the express purpose of building up their own currencies and pushing the western influence out of their countries, specifically that of the United States. Their efforts could greatly decrease the value of the US dollar, making it harder for US currency to be used within their borders.

Kiyosaki fears the rapid devaluing of the US dollar as a result, and he urges investors to buy assets that will grow in value, which he expects Bitcoin to do. Right now, Bitcoin is on an upswing, but it has been down overall for weeks, losing ground due to inflation and a weak cryptocurrency market that did not get the expected boost from Bitcoin halving.

Will Bitcoin Grow Soon?

We know bitcoin is resilient, and every analyst expects it to see gains in the near future. How large those gains will be and how long they will hold for is another matter, though. Bitcoin may be done growing substantially this year, as it has reached an impasse where it cannot seem to push above $65,000.

What it needs is some economic help in the form of lowered inflation. However, the signs point to inflation continuing to rise, but new data this week may tell a different story. The US PPI numbers will be releasing this week, as will US CPI data. If these show increased inflation, then Bitcoin will likely shift lower.

Fed sentiment is that inflation is likely to remain high and interest rates will not be cut this year. If inflation changes course rapidly, then we could see interest rate cuts from the Federal Reserve and a change in Bitcoin’s trajectory. For now, the crypto market is looking stagnant and weak.

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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