Robert Kiyosaki, the bestselling author of “Rich Dad Poor Dad,” is issuing a dire warning, saying that a collapse in the stock and bond markets is close at hand.
Stock Market Rally Driven by Government Dollars
Kiyosaki says the stock market rally is driven by dollars coming from the US government. He specifically mentions the stellar performance of the Magnificent Seven stocks, which include shares of tech titans such as Tesla, Meta, Alphabet, Amazon, Apple, Microsoft, and Nvidia.
Magnificent Seven Stocks Driving Investor Optimism
Citing data from banking giant Goldman Sachs, Yahoo! Finance says the Magnificent Seven collectively soared by 71% in 2023, while the rest of the stocks in the S&P 500 just gained 6% in the same time frame. According to Kiyosaki, the rise of the Magnificent Seven is making investors believe that the US economy is in a position to witness more growth.
Kiyosaki Warns of Market Crash
However, Kiyosaki warns that this optimism is misplaced. “The stock market is climbing higher and higher. Suckers actually believe the economy is strong. Don’t be fooled. The Magnificent Seven financed by US government dollars keeps the stock market up. Please be careful. Stock and bond markets about to crash.”
Bitcoin as Protection Against Market Collapse
Kiyosaki highlights that he continues to hold Bitcoin (BTC) to protect himself against the actions of the Fed, the Treasury Department, and Wall Street. “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, and stock price manipulation. That is why I save and invest in Bitcoin, not stocks, bonds, and fake dollars.”
Bitcoin and Stock Market Performance
At the time of writing, Bitcoin is worth $42,844. Meanwhile, the S&P 500 just hit a fresh all-time high of 4,975 points on Friday.
