Crypto Market News: Robert Kiyosaki, the author of Rich Dad Poor Dad, reiterated his stance of buying gold and Bitcoin amid the talks over raising the debt ceiling ahead of the June 1, 2023 deadline. Recently, he described Bitcoin as a capital appreciator and an insurance policy as tightening market conditions make it risky to invest in traditional assets in the financial market. He believes there will be a ‘crash landing’ situation and that buying gold, silver and Bitcoin would save investors. Meanwhile, the debt ceiling talks are yet to intensify before the June 1, 2023 deadline.
A similar debt ceiling debate in the United States happened in July 2011, after which the financial markets crashed. At the same time, Bitcoin price dropped by a whopping 61%, although those were initial years after the cryptocurrency’s launch.
Debt Ceiling Deal Talks ‘Bad Comedy’
The author called the US debt limit debate ‘bad comedy’, indicating that the US is already bankrupt and that it has unfunded liabilities of over $250 trillion as social security. Amid the debt ceiling negotiations, the immediate goal will be to avoid defaulting on credit with the raised limit. However, top Republican Kevin McCarthy on Wednesday said there was a lot of division among the leaders about cost cutting but a deal will most likely be reached. Kiyosaki said further,
“Politicians debating raising $ 30 trillion US debt limit bad comedy, “kabuki theater.” Facts are: US bankrupt. Unfunded liabilities as Social Security are over $250 trillion.”
Meanwhile, the crypto market prices are largely impacted by the macroeconomic events, although it is speculated that a stock market crash would eventually benefit Bitcoin as it could be preferred as a high risk bet against market uncertainty.
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