Predictions of the US Economy Will Collapse Next Year, Robert Kiyosaki Suggests Buying Bitcoin

Robert Kiyosaki, entrepreneur and author of the best-selling book Rich Dad Poor Dad. (photo: twitter @theRealKiyosaki)

JAKARTA - Robert Kiyosaki, entrepreneur and bestselling author of Rich Dad Poor Dad, calls Bitcoin (BTC), silver and gold “buying opportunities” amid the strengthening United States dollar and continuing interest rate hikes.

In an October 2 Twitter post to his 2.1 million followers, the author of INI noted the prices of the three commodities, sometimes referred to as "safe haven" assets, will continue to fall as the US dollar strengthens. It proved its worth after the “FED pivot” and lowered interest rates.

In a post the day before, Kiyosaki predicted this "pivot" could occur as soon as January 2023, which would make the US dollar "fall" in the same way that the British pound just collapsed.

“Will the US dollar follow the British Pound Sterling? I believe it will happen. I believe the US dollar will fall in January 2023 once the Fed turns around," said Kiyosaki, who added that he "will not fall victim to the FED F*CK."

BUYING OPPORTUNITY: if FED continues raising interest rates US $ will get stronger causing gold, silver & Bitcoin prices to go lower. BUY more. When FED pivots and drops interest rates as England just did you will smile while others cry. Take care

— therealkiyosaki (@theRealKiyosaki) October 2, 2022

Since early May. In 2020, Kiyosaki has become a proponent of an asset class that the Fed cannot directly manipulate, having once warned investors to “Get Bitcoins and save yourself” following an episode of direct mass money printing by the Fed in response to the COVID-19 pandemic.

Interestingly, Kiyosaki's fondness for Bitcoin persists despite not believing it has any value. This he said in a recent interview on Rich Dad. This author appears to be standing behind Bitcoin again in his latest tweet.

"When the FED rolls around and cuts rates like the UK just did, you'll be smiling while everyone else is crying," he tweeted.

In a letter last September to his customers sent by post, Kiyosaki stressed the need to invest in digital assets now to get great returns in the long term.

“It's not enough to just WANT to get into crypto. Now is the time you NEED to get into crypto, before the biggest economic crash in history,” Kiyosaki said as quoted by Cointelegraph.

According to Trading Economics, the US dollar has gradually gained ground against other major global currencies over the past year, with GBP/USD, euro/USD, and Japanese yen/USD down 18.24%, 15.54% and 23,33% respectively.

At the same time, the Fed's rate hike, along with the strengthening of the USD coincided with a 55% decline in the crypto market cap over the past 12 months.

Last month, hedge fund co-founder CK Zheng said he expected October to be a "very volatile" month for BTC.

“October was a fairly volatile period of time, especially when combined with high inflation, with a lot of debate about the Fed and policy changes. The worry is if the Fed is too tight, the US economy might actually go into a severe recession," he said.