Robert Kiyosaki, the author of the New York Times bestselling book, "Rich Dad Poor Dad," says he’s buying more Bitcoin BTC/USD and Ethereum ETH/USD to counter the effects of inflation.
What Happened: In a tweet last week, Kiyosaki called inflation a “tax on the poor and middle class” but claimed it was a way for the rich to get “richer.”
Dollar Tree becomes $1.25 Tree. Inflation is a tax on the poor and middle class. Inflation makes the rich richer. Get smart. Get richer. I am buying more gold, silver, Bitcoin, ethereum, rental real estate, and oil. What are you buying?
— therealkiyosaki (@theRealKiyosaki) November 24, 2021
Earlier this year, Kiyosaki predicted a “giant stock market crash” would unfold in October 2021 and warned that holding stocks would prove dangerous. These predictions are yet to come to fruition.
Still, Kiyosaki’s perception of Bitcoin as an inflation hedge is not inconceivable. Recent data indicated Bitcoin’s 30-day correlation with tech stocks had fallen to near zero.
Since February 2020, correlation data suggested Bitcoin had largely been moving in tandem with the Nasdaq 100, which tracks a basket of the 100 largest tech stocks including Alphabet Inc GOOGL GOOG, Apple Inc AAPL, Meta Platforms Inc FB, As of November, the leading digital asset ended its 21-month correlation with the index.
BTC Price Action: On Monday morning at publication, Bitcoin was trading at $57,034.60, gaining 5.06% in the last 24 hours.
Photo by Thought Catalog on Unsplash
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