‘Rich Dad’ Robert Kiyosaki explains who is fueling Bitcoin rally

Robert Kiyosa­ki, author of the best-sell­ing per­son­al finance book “Rich Dad, Poor Dad,” has attrib­uted the recent rise in cryp­tocur­ren­cies such as Bit­coin (BTC) and pre­cious met­als to declin­ing finan­cial health. 

Accord­ing to Kiyosa­ki, the impact on the finan­cial health of the Unit­ed States has affect­ed the poor while the mid­dle class is get­ting poor­er, a fac­tor he insin­u­ates might be dri­ving demand for alter­na­tive invest­ment prod­ucts such as Bit­coin, he said in a tweet on Jan­u­ary 31. 

There­fore, he called for invest­ments in assets such as sil­ver that are rel­a­tive­ly cheap­er at the moment while pro­ject­ing investors are like­ly to get richer. 

“Why are gold, sil­ver, Bit­coin going high­er? A: Because U.S. poor and mid­dle class get­ting poor­er & deep­er in bad debt. Please don’t get poor­er. At least buy one sil­ver coin. Only $30 and start to get rich­er,” he said. 

Kiyosaki’s support for Bitcoin

Amid ris­ing infla­tion and inter­est rate hikes, Kiyosa­ki has been at the fore­front of advo­cat­ing for investors opt­ing for Bit­coin and gold. Accord­ing to the author, the assets offer a much-need­ed cush­ion in a finan­cial crash. 

Inter­est­ing­ly, Kiyosa­ki believes that Bit­coin will be the only stand­ing cryp­tocur­ren­cy cit­ing reg­u­la­to­ry backing. 

“I am very excit­ed about Bit­coin. Why? Because Bit­coin is clas­si­fied as a com­mod­i­ty, much like gold, sil­ver, and oil. Most cryp­to tokens are clas­si­fied as a secu­ri­ty, and SEC reg­u­la­tions will crush most of them. I am buy­ing more BTC,” he said. 

In the mean­time, Bit­coin has ral­lied by almost 40% in 2023 while attempt­ing to exit the 2022 bear market. 

Global recession

As report­ed by Fin­bold, Kiyosa­ki recent­ly sug­gest­ed that the glob­al econ­o­my is already in a reces­sion while cau­tion­ing against a pos­si­ble rough land­ing. In this line, Kiyosa­ki believes the land­ing will emanate from ris­ing bank­rupt­cy, unem­ploy­ment, and home­less­ness rates. 

In par­tic­u­lar, the author has blamed the Fed­er­al Reserve for fail­ing to han­dle the infla­tion­ary sit­u­a­tion. With a gloomy eco­nom­ic out­look, Kiyosa­ki had ear­li­er point­ed out that investors should avoid paper mon­ey and go for gold. He sug­gest­ed that the poten­tial of gold is high­light­ed by the con­tin­ued accu­mu­la­tion of the met­al by cen­tral banks.