Rich Dad Poor Dad Author: Debt Ceiling Deal Talks ‘Bad Comedy’

Robert Kiyosaki, the Rich Dad Poor Dad author, reiterated his stance of buying gold and Bitcoin amid talks over raising the debt ceiling.
By Anvesh Reddy
May 25, 2023 Updated May 25, 2023
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Robert Kiyosaki
Robert Kiyosaki

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.

Also Read: Bitcoin Likely Bullish Over US Fed’s Uncertain Outlook For Next Few Months

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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.

Also Read: Florida Governor Explains Why CBDCs Are Not Good For The US Citizens

Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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