Warnings by Robert Kiyosaki and Elon Musk on US government spending, mounting national debt, and an impending depression highlight Bitcoin as a wise investment.
Investor and best-selling author of Rich Dad Poor Dad, Robert Kiyosaki, has been criticizing the US government and federal stimulus programs for several months. He warned that the US is slowly sliding into a depression that will follow a giant crash in financial markets.
In similar sentiments, Elon Musk tweeted severally last week warning about the US government spending, mounting debt, and a capital gains tax proposal.
Primarily meant for billionaires, the proposal aims to change the tax code and reinvent how the government taxes investments. The Democrats aim to spare millions of moderately wealthy Americans from excessive hassles by targeting and squeezing money from the very wealthy.
However, Elon Musk warns that it will not be enough to cover the US national debt. It would account for a small proportion, and the public would have to make up the rest.
The benefit of Bitcoin as an unmanipulable store of value and currency
The comments from Must have drawn plenty of attention, with most people agreeing that mounting debt and spending by the government is the real problem and the reason they’ve invested in cryptocurrencies.
Francis Suarez, the Mayor of Miami who’s trying to build the city into the world’s crypto capital, chimed in praising Bitcoin’s value:
Similar concerns were voiced by Kiyosaki, who criticized the US government for borrowing too much and devaluing the dollar. He urged young people to become entrepreneurs like Elon Musk and Bill Gates and not employees to build businesses that create jobs.
The famous author further criticized those urging people to get out of debt or live debt-free, calling them goofballs. Arguing that everything taught in business school is worthless, he pointed out that he borrows as much as possible when a viable investment opportunity presents itself and he pays no taxes.
Bitcoin is smart investing
According to Kiyosaki, the worth of the US dollar is likely to drop like the Zimbabwean dollar, but silver, gold, and Bitcoin will retain much more of their value. He has been recommending Bitcoin for a while, noting that he prefers the cryptocurrency because he doesn’t trust the federal government, Wall Street, or the Treasury.
Kiyosaki emphasized that the most critical question is what will happen to the banking system when the dollar becomes crypto.
