Robert Kiyosaki Warns Biggest Crash in History; Shares Survival Strategies – Coinpedia Fintech NewsOctober 31, 2023
The new week kicked off with a strong bullish push in the crypto markets. The global market cap surged past $1.26 trillion, indicating a promising recovery. With Bitcoin holding above $34,000, the bulls maintain a favorable position. Additionally, some altcoins are showing signs of potential breakouts. However, amid positive indicators, one analyst warns of a looming bearish scenario for Gold and Silver and how Bitcoin is the only lifeboat. Read on to learn more about the potential crash and its underlying reasons.
Following the 60/40 Rule May Bring Woes in 2024?
Renowned financial expert Robert Kiyosaki, well-known for his bestselling book “Rich Dad Poor Dad,” has made a bold prediction about an imminent economic crash, challenging traditional investment advice. Kiyosaki suggests that adherents of the conventional 60/40 investment strategy may suffer significant losses in 2024. He proposes a radical shift, recommending allocating 75% of investments into assets like gold, silver, and Bitcoin, with the remaining 25% in real estate and oil stocks.
Kiyosaki Bets $1 Million on Bitcoin? Forget Gold and Silver?
Kiyosaki’s unconventional stance is rooted in his belief that gold, silver, and Bitcoin will be invaluable during times of economic uncertainty, potentially experiencing substantial growth when traditional markets decline. He is notably bullish on Bitcoin, predicting it could reach $120,000 within the next year and even surge to an astonishing $500,000 per BTC by 2025. In the event of a global economic downturn, Kiyosaki speculates that Bitcoin’s price might reach unprecedented heights, possibly soaring to $1 million.
What’s Creating Panic in Traditional Market?
Kiyosaki’s concerns revolve around the extensive money printing by the U.S. Federal Reserve, which raises questions about the stability of traditional currencies, particularly the USD. His warnings echo the sentiments of many financial experts, leading investors to consider alternative assets as a means to safeguard their wealth.
A Lot Can Change Post FOMC Meeting
As trouble escalates in the Middle East, Bitcoin finds itself amid its second major geopolitical conflict in two years. The upcoming Federal Reserve meeting on November 1, where a decision on benchmark interest rates will be made, poses a potential short-term volatility catalyst. Despite persistent inflation surpassing market expectations, Bitcoin has been largely unaffected by recent Fed rate decisions.
Market expectations currently lean towards the Federal Open Market Committee (FOMC) keeping rates unchanged this week. While Bitcoin has diverged from stock market trends in recent months, a potential correction in the S&P 500 could challenge this newfound independence, especially as the S&P 500 has seen a 4% loss in the past month. Research firm Santiment suggests that this deviation from stock market correlation signals the resurgence of the crypto bull market.
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