Best-selling finance author Robert Kiyosaki is issuing a dire warning, saying that a collapse in the stock and bond markets is close at hand.
The Rich Dad Poor Dad author tells his 2.5 million followers on the social media platform X that the stock market rally is driven by dollars coming from the US government.
Kiyosaki specifically mentions the stellar performance of the Magnificent Seven stocks which include shares of tech titans such as Tesla, Meta, Alphabet, Amazon, Apple, Microsoft and Nvidia.
Citing data from banking giant Goldman Sachs, Yahoo! Finance says the Magnificent Seven collectively soared by 71% in 2023 while the rest of the stocks in the S&P 500 just gained 6% in the same time frame.
According to Kiyosaki, the rise of the Magnificent Seven is making investors believe that the US economy is in a position to witness more growth.
“The stock market is climbing higher and higher. Suckers actually believe the economy is strong. Don’t be fooled. The Magnificent Seven financed by US government dollars keeps the stock market up. Please be careful. Stock and bond markets about to crash.”
Kiyosaki highlights that he continues to hold Bitcoin (BTC) to protect himself against the actions of the Fed, the Treasury Department as well as Wall Street.
“Why I own Bitcoin. Bitcoin is protection against the theft of our wealth via our money. Fed Chairman Powell, Treasury Secretary Yellin, and Wall Street bankers steal our wealth via our money, specifically via inflation, taxation and stock price manipulation. That is why I save and invest in Bitcoin, not stocks, bonds, and fake dollars.”
At time of writing Bitcoin is worth $42,844. Meanwhile, the S&P 500 just hit a fresh all-time high of 4,975 points on Friday.
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Source: https://dailyhodl.com/2024/02/04/rich-dad-poor-dad-author-says-he-owns-bitcoin-for-protection-predicts-collapse-of-stock-and-bond-markets/