Robert Kiyosaki, author of the best-selling “Rich Dad Poor Dad” series, says the collapse in the crypto markets is a prime buying opportunity.
In a new Stansberry Research interview, Kiyosaki highlights that the key to getting wealthy is to buy when markets go through a significant sell-off.
“You buy low. You sell high. But all these idiots buy high and then whine… I just wait for the crash, and that’s how you get rich.”
Looking at Bitcoin, the renowned personal finance author says that he’d be more interested in buying the leading crypto asset if it drops below $30,000.
“$20,000 that was the all-time high when I got interested [in Bitcoin]. If it got to $20,000 today, I’d be more interested… If it hits back to $27,000, wonderful. If it goes to $20,000, oh my God thank you. It’s the way an investor looks at things, not a gambler.”
Kiyosaki also highlights how the current financial system is designed to reward a certain segment of the population.
“Right now, it’s called the transmission mechanism. The way the money gets into the economy is they need people like me, entrepreneurs basically, who can borrow large sums of money. So $160 million we borrowed. We signed a paper to it. That meant $160 million was created out of thin air… The banks give it to us, guys like Goldman Sachs or Wells Fargo or Bank of America. That money is just created out of thin air, and it’s pumped into the economy. The problem is the current transmission system only rewards people like me, real entrepreneurs who can handle large sums of debt.”
The author and investor adds that he expects a radical change in the transmission mechanism once the government introduces the digital version of the dollar, which he says will be a boon to Bitcoin and precious metals.
“The transmission mechanism is the current banking system… If it goes to a Fed coin (digital dollar) or euro coin or yuan coin or yen coin, the banks are gone… If it goes to let’s say, I’m not saying it is, if it does, the transmission system is taken out, but this (silver) and Bitcoin become more valuable because it’s outside the system… What is untraceable that’s valuable? That’s the question.
I would say four things that I’ve been buying all the years I’ve been talking to you: gold, silver, Bitcoin and bullets.”
In October, Federal Reserve chairman Jerome Powell unveiled that the Fed is methodically exploring the creation of a digital version of the US dollar while evaluating the risks and trade-offs of a central bank digital currency (CBDC).
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