Robert Kiyosaki calls Bitcoin a “buying opportunity” as the US dollar rises
Robert Kiyosaki, businessman and best-selling author of Rich Dad Poor Dad, has called Bitcoin (BTC), silver and gold a “buying opportunity” amid the strengthening US dollar and continued interest rate hikes.
In an Oct. 2 Twitter post to his 2.1 million followers, the author noted that prices of the three commodities — sometimes referred to as “safe haven” assets — would continue to decline as the U.S. dollar strengthens, something that proves its worth when the “FED pivots” and lowers interest rates.
BUYING OPPORTUNITY: If the FED continues to raise interest rates, the US$ will strengthen and push gold, silver and Bitcoin prices lower. Buy more. When the FED swings and lowers interest rates like England just did, you will smile while others cry. Have a good time
— therealkiyosaki (@theRealKiyosaki) 2 October 2022
In a post the previous day, Kiyosaki predicted that this “pivot” could happen as soon as January 2023, which would cause the US dollar to “crash” in the same way as the recently collapsed British pound.
“Will the US Dollar Follow the British Pound? I think it will. I think the US dollar will crash by January 2023 after the Fed swings,” Kiyosaki said, adding that he “will not be a victim of the F*CKed FED.”
Since as early as May. In 2020, Kiyosaki has been a proponent of asset classes that the Fed cannot directly manipulate, having warned investors to “Get Bitcoin and save yourself” following the Fed’s immediate episodes of mass money printing in response to the COVID-19 pandemic.
Interestingly, Kiyosaki’s fondness for Bitcoin stands despite his belief that there is no value to it, he said in a recent interview on Rich Dad. The author appears to be behind Bitcoin again in his latest tweet, noting:
“When the FED swings and lowers interest rates like England just did, you will smile while others cry.”
In a September letter to his subscribers, Kiyosaki emphasized the need to invest in digital assets now to achieve outsized returns over the long term:
“Wanting to get into crypto is not enough […] Now is the time you NEED to get into crypto, before the biggest financial crash in history.”
The US dollar has gradually strengthened against other major global currencies over the past year, with GBP/USD, EUR/USD and Japanese yen/USD falling 18.24%, 15.54% and 23.33% respectively, according to Trading Economics.
At the same time, the Fed’s rate hike, along with a strengthening USD, has coincided with a 55% drop in crypto market value over the past 12 months.
Related: The collapse of the British pound and its impact on cryptocurrency: See the market report
Last month, hedge fund co-founder CK Zheng said he expected October to be a “very volatile” month for BTC.
“October is a pretty volatile period, especially when combined with high inflation, with a lot of debate regarding the Fed and policy changes. The concern is that if the Fed tightens too much, the US economy could actually go into a severe recession.
