Crypto Market News: Robert Kiyosaki, the author of Rich Dad Poor Dad, reiterated his stance to buy gold and Bitcoin during the talks of raising the debt ceiling ahead of the June 1, 2023 deadline. He recently described Bitcoin as a capital valuer and a insurance policy, as tighter market conditions make it risky to invest in traditional financial market assets. He believes there will be a crash landing situation and buying gold, silver and Bitcoin would save investors. Meanwhile, talks on the debt ceiling have yet to intensify before the June 1, 2023 deadline.
Also Read: Bitcoin Likely Bullish on U.S. Fed’s Uncertain Outlook for the Next Few Months
In July 2011, a similar debate on the debt ceiling took place in the United States, after which the financial markets collapsed. At the same time, Bitcoin’s price fell by as much as 61%, even though that was the first few years after the cryptocurrency’s launch.
Debt ceiling deal talks ‘bad comedy’
The author called the US debt limit debate “bad comedy,” indicating that the US is already bankrupt and that it has unsecured liabilities of more than $250 trillion as social security. In the midst of debt ceiling negotiations, the immediate goal will be to avoid defaulting on the increased limit. However, Republican top Kevin McCarthy said on Wednesday that there was much division among leaders over cost cutting, but a deal will most likely be reached. Kiyosaki said further,
“Politicians Debate Raising $30 Trillion US Debt Limit Bad Comedy, “Kabuki Theater.” Facts are: US bankrupt. Unfunded liabilities as Social Security are over $250 trillion.
Meanwhile, crypto market prices are largely influenced by the macroeconomic events, although it is speculated that a stock market crash would ultimately benefit Bitcoin as it could be favored as a high-risk bet against market uncertainty.
Also Read: Florida Governor Explains Why CBDCs Are Not Good For US Citizens
Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at anvesh@coingape.com.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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