Robert Kiyosaki, businessman and best-selling author of Rich Dad Poor Dad, called bitcoin, silver and gold a “buying opportunity” as the US dollar strengthens and interest rates continue to rise.
In an October 2 tweet to his 2.1 million followers, the author noted that the prices of three commodities – sometimes referred to as “safe harbor” assets – will continue to decline as the U.S. dollar strengthens, proving their value after the Fed reverses” and lowers interest rates.
BUY OPPORTUNITY: If the Fed continues to raise interest rates, the US dollar will get stronger, pushing down the prices of gold, silver, and bitcoin. Buy more. When the Fed turns around and cuts interest rates like England just did, you will be smiling while others are crying. Take care
— there are alkiyosaki (@theRealKiyosaki) October 2, 2022
In a post the day before, Kiyosaki predicted that this “reversal” could happen as early as January 2023, when the US dollar “collapses” in the same way that the British pound sterling recently collapsed.
“Will the US dollar follow the British pound sterling? I believe it will. I believe the US dollar will collapse by January 2023 after the Fed rolls around,” Kiyosaki said, adding that he “will not be a victim of the F*CKed FED.”
Because it’s already in May. In 2020, Kiyosaki was a proponent of asset classes that the Fed cannot directly manipulate, once warning investors to “get bitcoin and save yourself” following episodes of the Fed’s immediate massive money printing in response to the COVID-19 pandemic.
Interestingly, Kiyosaki’s sympathy for bitcoin persists despite not believing in its value, he said in a recent interview with Rich Dad. The author appears to be supporting Bitcoin again in his latest tweet, noting:
“When the US Federal Reserve rolls around and cuts interest rates like England just did, you will be smiling while others are crying.”
In a September letter to his subscribers, Kiyosaki stressed the need to invest in digital assets now to reap huge returns in the long term:
“It’s not enough to WANT to do cryptography […] Now is the time to get into crypto, before the biggest economic crash in history.”
According to Trading Economics, the US dollar has gradually strengthened against other major world currencies over the past year, with GBP/USD, EUR/USD and JPY/USD down 18.24%, 15.54% and 23.33%, respectively.
At the same time, the Fed’s interest rate hike, along with the strengthening of the US dollar, coincided with a 55% drop in cryptocurrency market capitalization over the past 12 months.
Related: The collapse of the British pound and its impact on cryptocurrencies: see the market report
Hedge fund co-founder S.K. Zheng said last month that he expects October to be a “very volatile” month for BTC.
“October is a rather volatile period of time, especially when combined with high inflation, with a lot of debate in terms of the Fed and policy changes. The concern is that if the Fed tightens too much, the US economy could actually plunge into a serious recession.”