Robert Kiyosaki, financial influencer and entrepreneur, is warning of yet another market crash, with “depression ahead” to boot.
The author of Rich Dad Poor Dad urged his social media followers on Wednesday, October 1, to invest in Bitcoin (BTC), Ethereum (ETH), and precious metals, all while taking aim at Warren Buffett.
A longtime advocate of hedging against market turmoil with gold and silver, Kiyosaki implied the Berkshire Hathaway chairman’s changing stance on the assets after years of criticism was hypocritical, prefacing his rant with a warning that feels like vomiting.
“I WANT TO VOMIT: getting nauseus, listening to Buffet tout the virtues of gold and silver…. after he ridiculed gold and silver for years. That means the stock and bond market are about to crash. Depression ahead?” wrote the author.
Bitcoin and gold going up
While Buffett had indeed long dismissed both crypto and gold as unproductive assets, Kiyosaki’s scope is primarily on the broader picture, as he believes Buffett’s change of heart hints at a potential disaster for more traditional investments, such as stocks and bonds.
“Even though Buffet shit on gold and silver investors like me for years, his sickening endorsement of gold and silver must mean stocks and bonds are about to crash,” the investor added.
As of press time, Bitcoin was trading at $119,340, up nearly 7% on the weekly chart. At the same time, gold was priced at $3,893 per ounce, having gained about 50% this year.
The uptick was likely due to the U.S. government shutdown, which delayed key economic data releases. For example, the September jobs report, originally scheduled for Friday, is now postponed.
As a result, many now expect additional Fed cuts this year, pressuring the dollar and adding momentum to gold and Bitcoin, with the $120,000 psychological mark now within reach.
Featured image via Shutterstock
Source: https://finbold.com/r-kiyosaki-blasts-warren-buffett-and-urges-to-buy-bitcoin/