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Renowned financial expert, Robert Kiyosaki, cautions against investing in stocks and bonds amidst China’s economic instability, advocating for gold, silver, and Bitcoin BTC/USD instead.
What Happened: On Wednesday, Kiyosaki took to X, formerly Twitter, to express his concerns about China’s economic situation. He criticized China’s strategy of borrowing money to bolster its stock market, calling it “foolish” and “desperate”.
He attributed the problem to a global decrease in consumer buying and advised against investing in stocks and bonds at this time. Instead, he recommended buying “real gold, real silver and as many Bitcoin as you can afford.”
Bitcoin has risen over 60% since the year started. In comparison, the S&P 500 has returned a little over 8.5% since 2024 began.
Why It Matters: Kiyosaki’s advice comes at a time when the global economy is facing uncertainty. JPMorgan has warned of a potential stagflation scenario reminiscent of the 1970s, which could lead investors to prefer bonds over stocks.
However, Kiyosaki, a known Bitcoin advocate, has previously predicted that Bitcoin could reach “$100K by June” and warned that “the biggest mistake you can make is to procrastinate” buying Bitcoin.
On Wednesday, indications emerged from Fed Chair Jerome Powell that the U.S. central bank is likely to cut rates
His advice to invest in gold, silver, and Bitcoin aligns with the recent indications from Fed Chair Jerome Powell that the Fed is likely to cut rates at some point this year, which could potentially impact the value of traditional investments like stocks and bonds.
Price Action: At the time of writing, Bitcoin traded nearly 9% higher at $67,762.97, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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