By The Daily Hodl - 2 years ago - Reading Time: 2 minutes
Rich Dad Poor Dad Author Says Market Meltdown ‘Good News’ for Hard Assets Like Bitcoin, Dismisses Crypto Volatility
Rich Dad Poor Dad author Robert Kiyosaki says an impending market meltdown would be “good news” for Bitcoin (BTC) despite the leading crypto asset’s recent price volatility.
In an interview with Danielle Cambone of Stanberry Research, Kiyosaki doubles down on his predictions of a major market crash from which holders of crypto and precious metals will benefit.
“… I’m hardcore silver and you know I’m [in support of] Bitcoin and all this, I’m a hard asset guy.
So [a market meltdown is] good news for us, but it’s bad news for the boomers. Very bad news.”
The best-selling author goes on to say that those with early entry points to hard assets won’t have to worry about extreme volatility triggered by a financial cataclysm.
“So as my rich dad said to me, ‘A profit is not made when you sell but when you buy,’
And so you always want to be early into the market.
So Bitcoin going up and down – I don’t really care because my entry point [was] $6,000. It’s always your entry point and how many… coins do you have.”
Kiyosaki says that he favors precious metals for having zero counterparty risk, and Bitcoin and Ethereum for being the networks outside of the purview of the Federal Reserve and the financial system.
“Gold and silver are ‘God’s money.’ There’s no counterparty risk to gold and silver. They’re elements of the periodic table. So God is the counterparty to gold and silver. Bitcoin is a network system, the same as Ethereum, it’s a network outside of the control of the Fed.
So when people say that the Fed is going to shut down Bitcoin and all that, it’s possible, they did that in China, [but] anything’s possible today. So I would just listen to idiots like me.”
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Original source: The Daily Hodl