On Saturday, "Rich Dad Poor Dad" author Robert Kiyosaki voiced a grim forecast for the stock and bond markets.
In a statement on X, formerly Twitter, Kiyosaki cautioned investors about an imminent market downturn, despite the current upward trends in major indexes.
Despite the recent positive performance of indices like the Dow Jones Industrial Average and the Nasdaq Composite, Kiyosaki remains unconvinced about the underlying strength of the U.S. economy.
The stock market is climbing higher and higher. Suckers actually believe the economy is strong. Don’t be fooled. The Magnificent 7 financed by US government dollars keeps stock market up. Please be careful. Stock and Bond markets about to crash.
— Robert Kiyosaki (@theRealKiyosaki) February 3, 2024
He hinted the market's buoyancy to the support of the "Magnificent Seven" companies, which he believes are artificially bolstered by government funding.
Kiyosaki's warning came in the wake of high corporate earnings and a January jobs report that surpassed expectations. He cautioned that this perceived economic prosperity is deceptive, suggesting that the stock market's performance is not a true indicator of economic health.
Some market observers have expressed skepticism about Kiyosaki's predictions, noting his history of forecasting market crashes in the past few years that have not materialized.
If you call crash 1000 times , eventually it will happen someday and you will call yourself a “Finance Guru” and start selling books to people pic.twitter.com/bXyT5js4Eq
— बleरिon (@nethinguwant) February 3, 2024
Critics have highlighted his repeated predictions, including those regarding the downfall of the U.S. dollar, as evidence of his penchant for dramatic market prognostications.
Earlier, on Wednesday, Kiyosaki described Bitcoin BTC/USD as a defense against what he sees as the erosion of wealth through inflation, taxation, and stock price manipulation by the Federal Reserve, the treasury and Wall Street bankers.
Why I own Bitcoin. Bitcoin is protection against the theft of our wealth via our money. Fed Chairman Powell, Treasury Secretary Yellin, and Wall Street bankers steal our wealth via our money, specifically via inflation, taxation, & stock price manipulation. That is why I save…
— Robert Kiyosaki (@theRealKiyosaki) January 31, 2024
This stance on Bitcoin reflects his broader skepticism about traditional financial systems and investment vehicles.
Now Read: From Bearish To Bullish: Major Analysts Predict US Stock Market's Performance In 2024
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Gage Skidmore via flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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