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‘Rich dad’ Kiyosaki disputes WSJ’s economic narrative, favors Bitcoin

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‘Rich dad’ Kiyosaki disputes WSJ’s economic narrative, favors Bitcoin

Renowned author and investor Robert Kiyosaki has rebutted the Wall Street Journal’s portrayal of a thriving US economy, underlining his skepticism on Twitter.

Kiyosaki stressed that the recent upswing in the stock market was primarily driven by President Joe Biden’s decision to lift the debt ceiling, exacerbating the nation’s financial burden. Simultaneously, he extolled Bitcoin as a potential safe haven.

WSJ’s optimistic predictions

The WSJ article, titled “U.S. Economic Growth Accelerates, Defying Slowdown Expectations”, published on July 27, 2023, emphasized a 2.4% economic surge in the US for the Q2 2023. It interpreted this as a signal of recession avoidance.

WSJ attributed this growth to relatively low inflation, compared to historical norms, and a solid labour market. The article also mooted a “soft landing” scenario where inflation would revert to the Federal Reserve’s 2% target, sans triggering a recession.

Rich Dad’s author stance on economy

Kiyosaki, however, possesses a contrasting perspective on the economic situation. He has been cautioning about potential threats to the US dollar’s dominance as the global reserve currency.

The threats are coming particularly from the emerging markets like Brazil, Russia, India, China, and South Africa. He asserts that a declining dollar value may lead to an influx of foreign investment back to the United States. This could have adverse economic implications.

The celebrated investor is known for his critique of governmental fiscal policies, deriding the Federal Reserve and similar entities as the “Adams family” and “cartoons killing the economy”. According to Kiyosaki, the government isn’t prioritizing the welfare of the people, and the economy is verging on a serious downturn.

Kiyosaki is praising Bitcoin

Over time, Kiyosaki has promoted investments in precious metals like gold and silver over the faltering US economy, recognizing them as safer bets. However, Bitcoin, the leading cryptocurrency, has become his prime focus recently. He consistently advises his followers to invest in Bitcoin, forecasting a value of $120,000 by 2024.

He also projects that Bitcoin’s value will rise, providing a hedge against the diluting dollar, particularly when the US currency’s influence wanes and “trillions of US $” flow back into the country.

Robert Kiyosaki is widely recognized for his best-selling book “Rich Dad Poor Dad”, which provides insights into financial education and independence. He is known for his expertise in investing and financial literacy, advising individuals on wealth creation and management strategies.