Bitcoin Could be a Good Hedge for the Impending Depression: Kiyosaki
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The Rich Dad Poor Dad author explained in a tweet on Friday:
“U.S. bond market crashes. Biggest bond crash since 1788 … Bond markets [are] bigger than [the] stock market. I am buying more gold [and] silver now and waiting for Bitcoin to go lower.”
Kiyosaki also emphasized that the real estate market crash in China, with “over 90 million empty condos,” poses a big risk to the capital market. The personal finance educator later tweeted:
“Losers watching [the] stock market. [The] real problem is in [the] bond market. Bond market [is] 40 times larger than [the] stock market. Please pay attention to bonds, not stocks. Major crash to come.”
Three months ago, Kiyosaki explained in a tweet that bonds are the riskiest investments to hold in a global economic meltdown. “Tragically, rookie investors follow rookie advice of 60 (stocks) 40 (bonds) mix,” the veteran investor tweeted, advising investors to buy gold, silver, and Bitcoin “as insurance against morons running the world.”
The entrepreneur has repeatedly warned about impending market crashes and the U.S. economy. This week, he warned that the worsening inflation could lead to a “Greater Depression,” explaining that real estate is on a downtrend and foreclosures are up 700% from last year.
In April, he warned about hyperinflation and depression, stressing that we are in the most giant bubble in world history.
Key Bitcoin Levels to Watch — July 24
Bitcoin held its head above the $22K mark over the weekend as it made its way into the new week on a stable footing. With a distressed dollar and worries about a contracting U.S. economy dominating headlines in the coming week, BTC could see a window to re-emerge above the trendline, around $24K, in the coming days.
That said, the possibility of a fall below the $22K support appears slim in the near term.
Meanwhile, my resistance levels are at $23,000, $24,000, and $25,000, and my key support levels are at $22,000, $21,000, and $20,000.
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