'Rich Dad Poor Dad' author Robert Kiyosaki says a historic market crash is looming - and touts crypto as the best defense
- Robert Kiyosaki predicted the largest market crash in history in an email to his followers.
- The "Rich Dad Poor Dad" author touted crypto as a potential winner from the economic collapse.
Investors are barreling towards a catastrophic market collapse, and should buy cryptocurrencies before they usurp the US dollar and transform the entire financial system, Robert Kiyosaki told his followers in an email on Sunday.
"I predict the biggest crash in world history is coming," the "Rich Dad Poor Dad" author and personal-finance guru told subscribers to the "Rich Dad Community" mailing list.
Kiyosaki forecasted a lengthy downturn, but reiterated his view that bear markets are the best times for investors to snag bargains and score outsized returns. He also asserted the US dollar would crash the existing economic system, leading to mainstream acceptance of crypto, as it isn't controlled by the government.
"It's not enough to WANT to get into crypto," he said. "Now is the time you NEED to get into crypto, before the biggest economic crash in history."
However, Kiyosaki dismissed the most popular crypto as worthless on his radio show in May. "I trade bitcoin. But I don't think it has any value. I just play the game."
Moreover, bitcoin and other digital coins have tumbled alongside stocks and other risk assets this year, suggesting many crypto fans aren't fully convinced they'll revolutionize global finance.
Kiyosaki has repeatedly warned of a sprawling bubble in asset prices, and cautioned it would end with a painful pop. He tweeted on August 30 that the crash was underway, pointing to the sliding prices of stocks, bitcoin, gold, silver, and real estate.
The doomsayer also issued some offbeat advice in June for investors looking to beat inflation. He recommended stockpiling canned goods such as tuna and baked beans, along with household goods including trash bags and toilet paper, to get ahead of price increases.