Stock up on tuna and Bitcoin: what you need to know about Robert Kiyosaki
Robert Kiyosaki, author of “Rich Dad Poor Dad,” offers bold predictions for Bitcoin and financial markets. Can his subjective opinions guide investors to success?
Robert Kiyosaki became widely famous due to the bestseller “Rich Dad Poor Dad”.
According to the philosophy of the American businessman and writer of Japanese origin, Robert Toru Kiyosaki, a person can be either the master of money or its slave. Judging by the investor’s multimillion-dollar fortune, he is doing well with the first postulate.
Despite this, the figure of a businessman is perceived ambiguously by the public and the media – some consider the entrepreneur to be a profit-driven individual who capitalizes on information, while others perceive him as a guru of his business, capable of inspiring followers to great achievements.
Main investing rules according to Kiyosaki
The famous writer believes that any investor must clearly understand what is an asset for themselves and what investment will be a liability. When planning purchases, also evaluate future acquisitions from this point of view. This may seem obvious, but in practice, most people do not see this difference.
This echoes Warren Buffett’s rule of buying assets when their prices fall and selling when their prices rise. Most do the opposite. Kiyosaki also advises trying to buy an asset at the lowest price.
Many people consider investing to be a rather risky activity. However, in reality, all the risk resides within the investor themselves, particularly in their mindset. Spontaneous or impulsive actions and a lack of knowledge are the primary sources of investment risk. An investor’s ability to make or lose money depends on their knowledge, emotional control, and other factors.
Many people attempt to predict future situations. However, the writer believes that it is far more important to recognize opportunities and respond appropriately rather than trying to predict outcomes.
True financial freedom can be measured by the amount of time a person can sustain their lifestyle without working. For instance, if you have a million dollars and your monthly expenses amount to 100,000 dollars, then your financial freedom extends to 10 months.
It’s essential to possess a solid understanding of investment concepts like interest, compound interest, fees, and so on. One must also comprehend financial reports from companies, including the sources of the figures they contain. Acquiring knowledge about accounting, taxation, and related topics is crucial. Kiyosaki recommends seeking a mentor who has achieved significant success in business or investing and commands great authority.
These principles are well-known to many individuals interested in investing. Nevertheless, the writer gained recognition in the crypto community due to his unusual views on cryptocurrency assets, as well as his very bold investment proposals.
Tuna is the best investment
Besides Bitcoin, Kiyosaki found a safer investment: canned tuna. According to the writer, the world will soon face an acute food shortage.
Kiyosaki believes that desperate desperate leaders will do desperate things. Therefore, he suggests stocking up on gold, silver, Bitcoins, food, weapons, and ammunition.
The greatest crash in world history
Quite recently, Kiyosaki raised the alarm, stating that, in his opinion, “the greatest collapse in world history” is imminent. To protect themselves, Kiyosaki urged investors to review their portfolios significantly.
He criticized traditional investment advice that recommends a 60% allocation to bonds and 40% to stocks, pointing out that such an approach may not be suitable in preparation for a potential crash within the next 20 to 24 years.
Bold predictions for the price of Bitcoin
At the beginning of 2023, Kiyosaki predicted that Bitcoin (BTC) would rise to $500,000 by 2025. In his opinion, faith in the U.S. dollar will soon erode, causing gold, silver, and Bitcoin to experience a sharp increase in price.
However, Kiyosaki later predicted the “death” of the U.S. dollar and the rise in the price of the first cryptocurrency to $120,000 next year.
After the collapse of the crypto exchange FTX, in an interview with The Rich Dad Channel, he affirmed his commitment to Bitcoin. According to the entrepreneur, most people his age stay away from digital assets, especially after the recent crisis. But he believes in Bitcoin, Ethereum, and blockchain as technologies.
In addition, he advised everyone to buy Bitcoin monthly, allocating at least a few hundred dollars for this. Kiyosaki also called for saving money amid the global financial crisis caused by the coronavirus epidemic. According to the investor, savings should be kept not in fiat currency but in Bitcoins.
In one way or another, Kiyosaki’s predictions lack confirmation from technical data and rely solely on subjective opinion. The crypto community can only hope that Bitcoin reaches the numbers Kiyosaki envisions in the near future.
