“Shutdown Looming” – Author warns “Get gold, silver, Bitcoin and Ethereum” before “the biggest stock market crash in history”
The U.S. is racing towards a government shutdown and potentially crippling loan default as federal government funding expires Thursday and the borrowing authority expires in mid-October.
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Fears of the impending double financial catastrophe have sparked warnings of a “huge stock market crash,” with Rich Dad Poor Dad writer Robert Kiyosaki narrating its 1.7 million Twitter followers to “get gold, silver, Bitcoin and Ethereum” before “the biggest crash in history”.
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“Huge stock market crash is coming in October,” Kiyosaki called last week. “Why? Treasury and [the Federal Reserve] short of T-bills. “
Kiyosaki said he had no plans to sell gold, silver or bitcoin but warned that he thinks they “could crash too” – and pointed China’s competitive real estate developer Evergrande as potentially exacerbating market volatility.
Bitcoin, Ethereum and many other major cryptocurrencies have already risen many times over this year as investors invest in stock markets and commodities, partly to avoid cash as inflation continues to rise.
The Bitcoin price has increased by almost 300% compared to the previous year, the Ethereum price by 700%. The combined cryptocurrency market has grown from just over $ 300 billion to around $ 2 trillion.
Others have also warned that the rapidly approaching debt ceiling could shake markets, which have soared to all-time highs this year.
“There hasn’t been too much optimism in US markets lately, and the political outlook looks difficult as the US government’s $ 28.4 trillion debt ceiling approaches, which is again threatened with breach unless lawmakers can agree to raise the cap, ”Mihir Kapadia, CEO of asset management company Sun Global Investments, said in email comments.
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Earlier this week, Kiyosaki warned that China’s recent crackdown on bitcoin and crypto, which sparked volatility between Bitcoin, Ethereum and other cryptocurrencies, could be emulated in the US – potentially leading to Bitcoin being “ostracized”.
“What does [China’s crackdown] mean? This means that China is about to launch its government crypto coin. If the US follows suit, the Fed coin will mean Bitcoin is outlawed, “Kiyosaki said tweeted– Resounding comments from billionaire investor Ray Dalio earlier this month who said the government will try to kill Bitcoin if it becomes too successful.
Ahead of the Bitcoin breakout last October, the start of a bull run that saw the price of Bitcoin soaring to nearly $ 65,000, Kiyosaki predicted that “the Bitcoin world is now in sight” and warned that real estate and gold people would run out. “
Released in 1997, Rich Dad, Poor Dad advocates the importance of financial literacy and became the New York Times Bestseller that has been sold around 40 million times worldwide.