Personal finance author Robert Kiyosaki says an entire generation of Americans is facing a future of unprecedented economic pain.
In a new roundable on the state of global markets, Kiyosaki points to persistent inflation and shortfalls in social security and medicare funding as key factors that he believes will hammer a huge number of baby boomers.
“The biggest losers are people are never lost. Those are the people sitting on their 401ks right now. My generation. The former generation. They’re in serious trouble…
The baby boomers will be the biggest losers because they’ve been taught not to make mistakes and they haven’t lost yet. They’ve had it so easy. When they came into the market in the ’70s, the stock market was taking off, the housing market was taking off. The US came off the gold standard in ’71. So the baby boomers are gonna get the biggest shellacking of all generation. It’s really sad. I can see it coming.”
Kiyosaki says he’s sensing an opportunity following the recent Bitcoin (BTC) drop to levels not seen since late 2020.
Kiyosaki consequently says that the flagship crypto asset could drop further to $20,000 but he expects Bitcoin to find strong support at the $17,000 price level.
At that point, Kiyosaki says he’s planning to dive into the market full-throttle.
“BITCOIN CRASHING. Great news. As stated in previous tweets, I am waiting for Bitcoin to crash to $20,000. Will then wait for test of bottom which might be $17,000. Once I know bottom is in, I back up the truck. Crashes are best times to get rich. Take care.”
Bitcoin is trading at $30,428 at time of writing, about 55% lower than the all-time high of around $69,000 hit in November of 2021.
Earlier this week, the author said he believes that Bitcoin will prevail because of what he perceives to be incompetence at the top levels of the US federal government.
“I still own quite a bit of Bitcoin and Ethereum. But I’m waiting for the price to come down before I buy more, take another position in both Bitcoin and Ethereum.”
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