Renowned author and financial educator Robert Kiyosaki has taken to social media to advocate for Bitcoin investments as he expresses concerns about the increasing U.S. national debt.
Kiyosaki, best known for his book “Rich Dad Poor Dad,” recently made headlines when he revealed his purchase of more Bitcoins following the U.S. regulatory approval of a spot-based Bitcoin ETF.
Growing national debt raises concerns
Kiyosaki’s call to action comes in response to the alarming increase in the U.S. national debt over the past five months. Since the start of the latest NFL season in early September, the national debt has surged by an astonishing $1 trillion.
In light of this worrisome trend, Kiyosaki tweeted, “Please buy more gold, silver, and Bitcoin.” He has been vocal in his criticism of the Federal Reserve and the U.S. Treasury, expressing his belief that the worst-case scenario of hyperinflation may be imminent, causing the U.S. dollar to depreciate significantly.
Last year, concerns arose as the U.S. government eliminated the “ceiling” on the national debt, allowing it to surpass $31.4 trillion. Since then, the debt has grown rapidly, reaching a staggering $34 trillion.
Kiyosaki’s Bitcoin acquisition amidst inflation fears
Earlier this week, Robert Kiyosaki disclosed his acquisition of an additional five Bitcoins, citing concerns about the looming threat of hyperinflation. His move aligns with the recent approval by the U.S. Securities and Exchange Commission (SEC) of spot Bitcoin exchange-traded funds (ETFs) filed by a dozen Wall Street companies, including BlackRock, Ark Invest, and Grayscale.
Despite the anticipation surrounding these ETFs, they garnered a relatively modest $400 million in total investments on their debut trading day.
As for the price of Bitcoin, it has experienced some fluctuations in recent days. Following analysts’ predictions, Bitcoin retraced from its high above $49,000, registering a 15.15% drop to $41,590.
However, the cryptocurrency subsequently recovered slightly, currently trading at $43,043. Reports suggest that some traders have been selling portions of their Bitcoin holdings to secure profits and raise capital for investing in the newly launched spot-based Bitcoin ETFs.
Bitcoin’s status as a potential hedge against inflation has been debated among financial experts. Some argue that Bitcoin’s limited supply and decentralized nature make it an attractive option during economic uncertainty and currency devaluation. Others remain skeptical, citing the cryptocurrency’s volatility and speculative nature as drawbacks.