The author of the personal finance book ‘Rich Dad, Poor Dad’ Robert Kiyosaki, has extended his bearish stand on the global economy amid prevailing fears of an impending recession.
Indeed, Kiyosaki has stated that the global economy is what he termed as ‘the biggest bubble in history’ adding to his long-term gloomy economic prediction, he said in a tweet on November 25.
Interestingly, the author notes that he does not invest in products such as equities and bonds while calling on investors to ditch paper assets.
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“Many of you know I do not invest in equities, bonds, ETS or MFs. Please DO NOT listen to what I’m going to say next: “I would get out of paper assets.” The world economy is not a “Market.” I believe the economy is the biggest bubble in world history. God have mercy on us all,” he said.
Gloomy economic outlook
Notably, the global economy has greatly been impacted by the prevailing macroeconomic factors led by high inflation and interest rate hikes. Interestingly, the effects have also spread over to the crypto markets.
However, Kiyosaki has remained bullish on Bitcoin and precious metals, maintaining that the products will potentially emerge stronger, with the economy likely to collapse.
In the meantime, the crypto market has taken a hit from the FTX exchange collapse, but Kiyosaki has stressed that Bitcoin (BTC) and Ethereum (ETH) stand a chance of rallying in the future.
“I’m still bullish on Bitcoin but don’t consider silver and the silver ETF the same thing. And Bitcoin is not the same as Sam Bankman-Fried. (…) It’s FTX that’s the problem. <…> I’m still in favor of Bitcoin. I’m not against it, as many people in my genre, in my age group, are because I think Bitcoin is solid. I’m actually more into blockchain, and I do own Ethereum,” he said.
Kiyosaki’s Bitcoin prediction
At the same time, Kiyosaki has predicted that the maiden cryptocurrency could hit the $1 million mark in five years, although he expressed his preference for gold.
Kiyosaki’s belief in Bitcoin’s prospects saw the author note that the asset’s revolution ‘will be bigger than the gunpowder revolution.’
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