Kiyosaki and Novogratz agree: Bitcoin, gold, and silver are the places to be

August 1, 2023

NEW YORK (July 31) Robert Kiyosaki, author of Rich Dad Poor Dad, pushed back against a report from the Wall Street Journal that said the U.S. economy is strong, saying that the main reason the stock market is up is due to the recent increase in the debt ceiling.

“WSJ claims [the] economy is strong,” Kiyosaki tweeted on Sunday. “Don’t they know the stock market is up because Biden raised debt ceiling[?] America's debt is going up…so [the] stock market going up. Numb nuts. America is broke.”

This led Kiyosaki to reiterate his opinion on the best place for people to hold their wealth. “Still prefer gold silver Bitcoin,” he said.

Aside from the state of the U.S. economy, Kiyosaki also sees this as an opportune time to decrease exposure to the U.S. dollar ahead of the rumored launch of a gold-backed currency by the BRICS nations.

“August 22, 2023, approximately 41 nations, possibly even France, gang up in South Africa to ‘de Dollarize’ the world,” Kiyosaki tweeted on Wednesday. “Proposal: BRICS nations will launch ‘bric’ their money. 1 bric = 1 oz of gold=$3,000. Bye bye USA.”

The best-selling author previously voiced his concerns about the launch of a BRICS currency, saying the USD would “die,” and “trillions of [dollars]” will rush home to the U.S., sending “inflation through the roof.”

This outlook led him to say that Bitcoin (BTC) would hit a price of $120,000 by the end of 2024 and $500,000 by the end of 2025.

And it's not just Kiyosaki that is pitching the advantages of Bitcoin, gold, and silver, as Galaxy Digital CEO Mike Novogratz recently told Bloomberg News these assets should be a focus for younger investors with higher risk tolerance and money to invest.

“If they were young and had a high-risk tolerance, I’d be buying Alibaba stock,” Novogratz said. “I’d be buying silver, gold, Bitcoin, and Ethereum. That’d be my portfolio.”

The reference to Alibaba stock came in response to a line of questioning related to artificial intelligence and ways that investors could capitalize on the hype surrounding the industry.

For investors with lower risk tolerance, Novogratz said they should put 30% in a portfolio comprised of the riskier assets he named and 70% in bonds and products like an index fund.

Novogratz has been a longtime Bitcoin and cryptocurrency proponent, but his bullishness on the asset class increased even more after BlackRock, the world’s biggest asset manager, filed an application for a spot BTC exchange-traded fund (ETF).

“The most important thing that happened this year in Bitcoin is Larry Fink,” Novogratz said during an interview with Bloomberg Wealth, referring to the CEO of BlackRock. “He got ‘orange-pilled,’ as we say. Orange pill is when you take a nonbeliever and you make them a believer in Bitcoin. Larry was a nonbeliever. Now he says, ‘Hey, this is going to be a global currency.’ People around the world all trust it.”

Novogratz added that Fink’s shift in attitude is part of an “adoption cycle” that could help Bitcoin surpass its all-time high of nearly $69,000, especially if the Federal Reserve pivots towards cutting rates, as many analysts are anticipating.

KitcoNews

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