Robert Kiyosaki, the famous economist and co-author of Rich Dad, Poor Dad, is issuing a warning to investors that we are on the cusp of a major market crash, after which the US economy will head into a “depression.”
He goes on to predict that the situation will be made worse, as the US Federal Reserve will attempt to print billions in “fake money” in an effort to lessen the pain for a nation which will be in dire economic straits.
Late Sunday he tweeted, “Giant crash is coming. Depression possible.”
He also predicted that amid the chaos, Bitcoin will rise to $500,000 by 2025, as gold rises to $5,000, and silver to $500. He went on to explain that the steep rise in these assets will occur “because faith in the US dollar, fake money, will be destroyed.” He went on to call bitcoin the people’s money, and call gold and silver “God’s money.”
Currently bitcoin is trading at around $21,000, while gold is trading at $1,856.58 per ounce, and silver is at $21.99 per ounce.
Kiyosaki has a history however, of predicting crashes which fail to materialize. He has predicted several warnings of imminent crashes in everything from gold and silver, to bitcoin. As a result, market analysts exhibit some skepticism in the face of his warnings.
Most recently, Kiyosaki said there would be an imminent collapse of the financial markets, which could occur as soon as this week. Market observers noted he was most likely focused on the financial markets worsening due to the US inflation data which came out on the 14th. In issuing the warning, he stressed that people should not panic, but should weight their portfolios toward strong assets which would weather the storm.