Renowned author and financial expert Robert Kiyosaki, best known for his book "Rich Dad Poor Dad," has issued a warning about the future of the U.S. economy. According to Kiyosaki, our current leaders are on a path that will lead to an economic depression and a war. In light of these concerns, he strongly recommends that investors buy bitcoin as a safeguard against potential financial turmoil.
Robert Kiyosaki on Depression and War
As the co-author of the bestselling book "Rich Dad Poor Dad," Robert Kiyosaki is no stranger to providing financial advice. In a recent social media post, he reiterated his warning that our leaders are repeating the same mistakes and expecting different results. Kiyosaki specifically pointed out President Biden, Treasury Secretary Yellen, and Fed Chairman Powell as the driving forces behind these potentially disastrous outcomes. He urged individuals not to be complacent and instead take action to protect themselves.
Kiyosaki has been expressing concerns about the state of the economy for some time now. In December 2023, he cautioned that the next market crash could spiral into a depression. He also highlighted the possibility of a major market collapse, a war, and difficult times ahead for millions of people. To mitigate these risks, he recommends investing in assets like gold, silver, and bitcoin.
Bitcoin as a Safeguard
For years, Kiyosaki has advocated for investing in bitcoin as a way to protect one's wealth. He believes that the decentralized nature of cryptocurrencies, such as bitcoin, can serve as a hedge against economic challenges. In addition to gold and silver, he sees bitcoin as a potential safe haven.
Kiyosaki has even gone as far as recommending bitcoin exchange-traded funds (ETFs) to investors. He believes that the approval of such funds by the U.S. Securities and Exchange Commission (SEC) would further legitimize bitcoin as an investment vehicle. In November of last year, he urged investors to enter the bitcoin market early, predicting significant price appreciation in the future. He also anticipates that the launch of a central bank digital currency (CBDC) by the Federal Reserve will only increase the value of bitcoin.
Robert Kiyosaki's warnings about the potential for an economic depression and a war should not be taken lightly. As an acclaimed author and financial expert, his insights carry weight in the investment community. While the future is uncertain, he advises individuals to consider diversifying their portfolios by including assets like gold, silver, and bitcoin. By taking proactive steps, investors can better position themselves to weather any potential financial storms that lie ahead.
What are your thoughts on Robert Kiyosaki's warnings? Do you agree with his advice to buy bitcoin? Let us know in the comments section below.
Frequently Asked Questions
Should You Get Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Experts believe this could change soon. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also noted that gold is growing in popularity because of its perceived value as well as potential return.
These are some things you should consider when considering gold investing.
- Consider first whether you will need the money to save for retirement. You can save money for retirement even if you don't invest in gold. The added protection that gold provides when you retire is a good option.
- Second, ensure you fully understand the risks involved in buying gold. Each offers varying levels of flexibility and security.
- Remember that gold is not as safe as a bank account. Your gold coins may be lost and you might never get them back.
You should do your research before buying gold. And if you already own gold, ensure you're doing everything possible to protect it.
Can the government seize your gold?
The government cannot take your gold because you own it. It's yours, and you earned it by working hard. It belongs entirely to you. There may be exceptions to this rule. If you are convicted of fraud against the federal government, your gold can be forfeit. Your precious metals can also be lost if you owe tax to the IRS. However, even if taxes are not paid, gold is still your property.
What does gold do as an investment?
Gold's price fluctuates depending on the supply and demand. It is also affected by interest rates.
Gold prices are volatile due to their limited supply. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
What is the tax on gold in an IRA
The fair market price of gold when it is sold determines the tax due on its sale. When you purchase gold, you don't have to pay any taxes. It is not considered income. If you decide to sell it later, there will be a taxable gain if its price rises.
As collateral for loans, gold is possible. Lenders seek to get the best return when you borrow against your assets. Selling gold is usually the best option. However, there is no guarantee that the lender would do this. They may just keep it. They might decide to sell it. The bottom line is that you could lose potential profit in any case.
To avoid losing money, only lend against gold if you intend to use it for collateral. It's better to keep it alone.
What are the benefits of having a gold IRA?
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It's not subject to tax until you withdraw it. You can decide how much money you withdraw each year. There are many types of IRAs. Some are better suited for people who want to save for college expenses. Others are intended for investors seeking higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. The earnings earned after they withdraw the funds aren't subject to any tax. So if you're planning to retire early, this type of account may make sense.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. For people who would rather invest than spend their money, gold IRA accounts are a good option.
An additional benefit to owning gold through an IRA, is the ease of automatic withdrawals. That means you won't have to think about making deposits every month. To avoid missing a payment, direct debits can be set up.
Finally, gold is one the most secure investment options available. Because it isn't tied to any particular country its value tends be steady. Even during economic turmoil, gold prices tend to stay relatively stable. Gold is a good option for protecting your savings from inflation.
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
The History of Gold as an Asset
Gold was a currency from ancient times until the early 20th century. It was accepted worldwide and became popular due to its durability, purity, divisibility, uniformity, scarcity, and beauty. Aside from its inherent value, it could be traded internationally. However, since there were no international standards for measuring gold at this point, different weights and measures existed worldwide. One pound sterling in England was equivalent to 24 carats silver, while one livre tournois in France was equal 25 carats. In Germany, one mark was equivalent to 28 carats.
In the 1860s the United States began issuing American currency made up 90% copper (10% zinc) and 0.942 gold (0.942 pure). This resulted in a decline of foreign currency demand and an increase in the price. The United States began minting large quantities gold coins at this time, which led to a drop in the price. They needed to pay off debt because they had too much money coming into circulation. To do so, they decided to sell some of the excess gold back to Europe.
Most European countries distrusted the U.S. Dollar and began to accept gold as payment. Many European countries began to use paper money and stopped accepting gold as payment after World War I. The gold price has gone up significantly in the years since. Today, although the price fluctuates, gold remains one of the safest investments you can make.
By: Kevin Helms
Title: Risk of Economic Depression and War: Robert Kiyosaki Urges Investors to Buy Bitcoin
Sourced From: news.bitcoin.com/robert-kiyosaki-our-leaders-will-drive-us-into-depression-war-reiterates-bitcoin-buy-recommendation/
Published Date: Thu, 04 Jan 2024 03:30:55 +0000