“Economy Dying, Fed Incompetent,” Invest In Gold, Silver, Bitcoin: Rich Dad Poor Dad Author
Last week we reported Congress passed another $3 trillion coronavirus relief package after having spent $3 trillion already. But this won't be enough and according to Fed chairman, Jerome Powell, both Congress and Fed would have to do more.
But worry not, because Fed isn’t out of ammunition, “not by a long shot.” They have interest rates to slash or better yet the unlimited money printing that they have already been doing. As Powell said on Sunday on CBS News,
“As a central bank, we have the ability to create money digitally.”
But not everyone agrees with Powell’s tools to prop the economy back. “ECONOMY dying. FED incompetent. Next BAILOUT trillions in pensions. HOPE fading,” said ‘Rich Dad, Poor Dad’ author Robert Kiyosaki.
According to him, the three investments to “prepare for the worst” are bitcoin, gold, and silver. And he expects all three of them to experience a jump in price in the coming years. As per his prediction, gold will rise 43% within a year to $3,000 and silver 135% to $40 in five years.
Bitcoin, the deflationary cryptocurrency with a limited supply, is expected to jump the highest 665% to $75,000 in the next three years.
Kiyosaki has long been a bitcoin supporter and has been calling for investing in these scarce assets.
While the money supply only continues to rise, last week, Bitcoin had its third halving that cut down miners’ reward in half and reduced its inflation to 1.8%.
As the Fed adopts a controlled Weimar strategy, Bitcoin just completed its third halving.
— Tyler Winklevoss (@tylerwinklevoss) May 12, 2020
“The rest of the world needs to either keep printing money or see their own currency eroding drastically in front of the unbeatable dollar,” said Jean-Marie Mognetti, chief executive officer of CoinShares.
“Bitcoin, a digital currency whose supply is programmatically defined to reduce until it reaches its maximum supply, would seem to be the perfect hedge for any institutional investor portfolio.”
Recently macro investor Paul Tudor Jones also became a bitcoiner and has almost 2% of his assets in the digital asset which according to him is an inflation hedge.