Financial guru Robert Kiyosaki has urged his followers to invest in gold, silver and the BTC/USD bitcoin in response to rising US debt.
What Happened: on Thursday, Mr. Kiyosaki, the best-selling author of "Rich Dad, Poor Dad," wrote on the website X (formerly Twitter) to express concern about U. S. debt, which he said is growing by $1 trillion every 90 days.
Earlier this week, Kiyosaki spoke favorably of #bitcoin , predicting that it would reach $300,000 per unit by 2024. He emphasized the importance of investing in it, even if the initial move is $BTC Why it's important: According to the U. S. Treasury, the total national debt was $34,460 billion at the time of writing.
In November 2023, Moody's downgraded the U. S. government's rating outlook from "stable" to "negative. " However, at that time, the rating agency maintained the U. S. government's long-term issuer rating and preferred security rating at Aaa.
Kiyosaki's advice came at a time when bitcoin was experiencing significant volatility. The #cryptocurrency recently hit an all-time high of $69,170.63, surpassing its previous 52-week high of $68,789.63. However, the attempt to break the psychologically important $70,000 barrier was short-lived as the exchange rate fell 5% to a low of $66,600, leading to the liquidation of $240 million worth of leveraged positions during the first hour of trading.
Despite the turmoil, Kiyosaki remains supportive of bitcoin. In an earlier post, he stated that not buying bitcoin is "the biggest mistake you can make. " He also stated that he would buy more bitcoin if the cryptocurrency suffers a major crash.
Price Dynamics: according to Benzinga #Pro , bitcoin was trading 0.2% higher at $69,605.73 at the time of writing.
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