Robert Kiyosakiauthor of the best seller “Rich Dad Poor Dad,” shared his strategy for dealing with the market crash Bitcoin (CRYPTO:BTC), highlighting the potential for wealth growth during these times.
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What happened
Kiyosaki took to social media platform X to share his thoughts on the current market situation. He began by acknowledging the beginning of a “bad” downturn, but also emphasized that such downturns present unique opportunities for wealth accumulation.
He warned against the devaluation of fiat currencies and encouraged his followers to view the collapse as a potential turning point in their financial journey.
“DON’T SAVE MONEY: Counterfeit money (US dollar, euro, yen, peso) drops in value. Save gold, silver, Bitcoin, real money that rises in value, especially in the event of a market crash. TAKE CARE and make this CRASH the best thing that ever happened to you,” Kiyosaki said.
The author has outlined six rules to follow during a market crash. These include refraining from making impulsive investment decisions, seeking reliable sources of information, surrounding yourself with like-minded people, starting a side business, choosing the right mentors, and investing in assets that maintain or increase their value , such as gold, silver and Bitcoin.
Because it is important
Kiyosaki’s advice comes at a time when the global economy is facing significant challenges. The United States is grappling with the specter of stagflation, a scenario characterized by slow growth and rising inflation. This has raised concerns about the future of the economy.
The Federal Reserve decided to keep interest rates steady, underlining the need to allow more time for restrictive monetary policies to bring inflation towards the Fed’s 2% target. This decision had a significant impact on market dynamics .
“The inflation data received so far this year has been higher than expected,” the Federal Reserve chairman said Wednesday Jerome Powelladding that gaining greater confidence in disinflation will likely take longer than previously thought.
However, there are also signs of a recovery in the global economy, with the OECD having revised up its growth forecast for 2024. This indicates a potential exit from the stagflation trend, offering a glimmer of hope for the future.
Earlier this year, Kiyosaki also expressed his bullish stance on Bitcoin, urging investors to buy as much as they could afford. His recent strategy aligns with this position, highlighting Bitcoin’s potential as a valuable asset during market downturns.
Bitcoin price
Bitcoin is currently trading at $59.7790, up 1.19% in the last 24 hours. However, it has surged 35.31% since the beginning of the year, according to data from Benzinga Pro.
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