American businessman and author of the personal finance book “Rich Dad Poor Dad,”, Robert Kiyosaki, has projected that the general market will crash in October, including Bitcoin, gold, and stocks.
Speaking to Kitco News, Kiyosaki explained several factors around the economy that will culminate in the crash he described as the biggest in the world.
The author cited factors like the growing debt while stating that a possible crash offers an opportunity to invest in assets considered a store of value like Bitcoin, gold, and silver.
“It’s going to be the biggest crash in world history. We have never had this much debt pumped up. Debt is the biggest problem of all…the debt to GDP ratio is out of sync. So when it comes down, and it’s going to bring everything down with it, that’s when I’m going to be buying more gold, silver, and Bitcoin,” Kiyosaki said.
He noted that the possible crash will result from decisions made by the Federal Reserve and the Treasury. Kiyosaki opines that decisions made by the institutions do not mirror the current state of the economy.
On the flipside, Kiyosaki stressed that the crash would see prices rebound later while advising investors that October presents the best buying opportunity. He further expressed long-term bullishness on non-equity assets.
“I’m a little strange in that I like crashes. This next crash is going to be really, really good – it will bring down gold, Bitcoin, stocks, but the good news is a crash is a good time to get rich,” he said.
However, Kiyosaki noted he was not optimistic about the recovery of stocks after the market crash. Previously, the author has expressed long-term bullishness on Bitcoin, stating that the asset remains untested and might surpass the $1 million mark in five years. Notably, he has expressed his preference for gold.
His projections come ahead of the expected Congress vote on a bill seeking to suspend the U.S. debt ceiling. If Congress fails to reach a deal before the October 18 deadline, the government risks default on its existing debt obligations.