Prominent author and financial educator Robert Kiyosaki is using social media to promote Bitcoin investments, citing worries about the growing U.S. national debt. The well-known “Rich Dad Poor Dad” author gained attention by disclosing his increased Bitcoin holdings after the regulatory approval of a spot-based Bitcoin ETF in the U.S.
Increasing National Debt Prompts Worries
Kiyosaki’s plea for action stems from the alarming surge in the U.S. national debt within the last five months. From the beginning of the current NFL season in early September, the national debt has skyrocketed by an astounding $1 trillion.
In response to this troubling pattern, Kiyosaki took to Twitter, urging followers to “Please buy more gold, silver, and Bitcoin.” He has consistently criticized the Federal Reserve and the U.S. Treasury, expressing his fear that hyperinflation could lead to a substantial depreciation of the U.S. dollar.Concerns escalated last year when the U.S. government removed the national debt “ceiling,” allowing it to exceed $31.4 trillion. Since then, the debt has surged rapidly, reaching an astounding $34 trillion.
Kiyosaki’s Decision to Acquire Bitcoin in Response to Concerns About Inflation
Earlier this week, Robert Kiyosaki revealed his acquisition of an additional five Bitcoins, expressing concerns about imminent hyperinflation. This decision coincides with the recent approval by the U.S. Securities and Exchange Commission (SEC) of spot Bitcoin exchange-traded funds (ETFs) from major Wall Street entities such as BlackRock, Ark Invest, and Grayscale.
Despite the anticipation surrounding these ETFs, their debut trading day saw a relatively modest total investment of $400 million. In terms of Bitcoin’s price, it recently experienced fluctuations, retracing from its peak above $49,000 to $41,590, marking a 15.15% drop, but has since slightly recovered to $43,043.
Reports indicate that some traders are selling portions of their Bitcoin holdings to secure profits and fund investments in the newly launched spot-based Bitcoin ETFs. The debate over Bitcoin’s role as a hedge against inflation persists among financial experts, with some highlighting its limited supply and decentralized nature as attractive features during economic uncertainty, while others remain skeptical due to its volatility and speculative nature.
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