Financial guru Robert Kiyosaki has renewed his advocacy for Bitcoin and gold in response to Federal Reserve Chairman Jerome Powell's acknowledgment of inflationary pressures. This comes after Powell conceded that inflation is outpacing expectations, marking what Kiyosaki perceives as a pivotal moment for the economy.
Doubling Down on Bitcoin
Kiyosaki, celebrated for his influential book "Rich Dad Poor Dad," has consistently championed alternative assets like gold, silver, and Bitcoin. Following Powell's candid remarks on inflation, Kiyosaki took to social media, expressing relief that the Fed Chairman had "finally told the truth" about inflation's victory over current monetary policies.
"Last week he finally admitted inflation is winning. The Fed can no longer promise inflation at 2% or that inflation is ‘transitory.’ Again, he finally stopped lying," Kiyosaki stated. This acknowledgment has led Kiyosaki to intensify his call for investment in assets that inherently rise in value over time, positioning Bitcoin at the forefront of his recommendations.
A Warning Against Conventional Savings
Kiyosaki's critique extends to traditional saving methods, which he famously critiques in his book by saying, "Savers are losers." He points to the diminishing purchasing power of the dollar since the establishment of the Federal Reserve and the IRS in 1913, advocating for "real money" like gold, silver, and Bitcoin as essential assets for financial preservation and growth.
Powell's Stance on Interest Rates
Addressing an audience at the Stanford Graduate School of Business, Powell highlighted the need for careful consideration before any changes to interest rates are made. Despite expectations of rate cuts by mid-2024 among financial analysts, Powell's remarks inject a degree of uncertainty regarding the timing and likelihood of such adjustments.
This uncertainty indicates a possible period of consolidation for riskier assets such as Bitcoin and equities before any potential upward trends resume. Powell also noted recent job creation and inflation metrics outperforming initial estimates, emphasizing that rate cuts would only be considered with greater assurance of inflation moving back towards the Fed's 2% goal.
In the midst of these economic dynamics, Kiyosaki's stance on Bitcoin as a hedge against inflation and a crucial asset for securing financial independence resonates more than ever, underscoring the importance of financial literacy and proactive asset management in uncertain times
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