Robert Kiyosaki advises selling bitcoin amid its crash, yet plans to buy more, likening his approach to Warren Buffett’s “buy and hold forever” strategy. Vivek Ramaswamy’s chances of becoming Trump’s vice presidential pick have surged by 1,100% on Polymarket. Ripple CEO Brad Garlinghouse criticizes SEC Chair Gary Gensler, warning his actions could affect the election. […]
Bitcoin News
UBS Recommends Buying Gold Dips Amid Economic Uncertainty
The UBS editorial team, comprising financial analysts and economists at UBS, a prominent global financial services firm, recommends purchasing gold during price dips rather than selling. Recently, gold prices fell by over per ounce due to strong U.S. payroll and earnings data, coupled with a rise in the 10-year U.S. Treasury yield and the […]
Bitcoin News
Latam Insights: Mexican Billionaire Ricardo Salinas Recommends Purchasing Bitcoin, Cardano Partners Argentine Province
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Mexican billionaire Ricardo Salinas advises purchasing Bitcoin, Cardano partners with an Argentine province, and Argentina launches a VASP registry. Mexican Billionaire Ricardo Salinas Urges Followers to Buy Bitcoin as Nigerian Naira Falls Under […]
Bitcoin News
Rwandan Research Paper Recommends CBDC With ‘Partial Pseudo-Anonymity’
A recent research paper from the National Bank of Rwanda recommends a two-tier, universal, zero-interest central bank digital currency (CBDC) with partial pseudo-anonymity. Although the research paper identifies 15 opportunities for CBDC, only four are said to offer “high potential benefits and limited alternative choices to obtain similar advantages.” Research Paper Identifies 15 CBDC Opportunities […]
Bitcoin News
Rich Dad Poor Dad Author Robert Kiyosaki Recommends Buying Bitcoin ETFs
Rich Dad Poor Dad author Robert Kiyosaki has recommended buying bitcoin exchange-traded funds (ETFs). Warning that the global economy is slowing to a possible depression and the U.S. Treasury and Federal Reserve will print trillions in “fake dollars,” he urged investors: “Don’t be caught sleeping like most Americans. Take action now.”
Robert Kiyosaki and Spot Bitcoin ETFs
The author of Rich Dad Poor Dad, Robert Kiyosaki, has suggested investing in bitcoin exchange-traded funds (ETFs) for investors who prefer this approach over direct investment in bitcoin. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
On Tuesday, Kiyosaki posted on social media platform X, expressing concern about the Cardboard Box Index, an indicator used by some investors to assess consumer goods production, which he claims is crashing. Kiyosaki stated that shoppers have ceased shopping, indicating a potential global economic downturn that could result in a depression. He anticipates that the Treasury and Federal Reserve will respond by printing trillions in fake dollars.
In response to these concerns, the renowned author recommended his usual choices of gold, silver, and bitcoin. He highlighted the rising price of gold and the relatively low cost of silver. Additionally, Kiyosaki suggested considering a bitcoin ETF as an alternative. In conclusion, he urged investors to take immediate action and avoid being caught off guard, emphasizing the need for proactive measures.
This isn’t the first instance of Kiyosaki warning about a potential depression. In July, he predicted that a depression is coming. In February, he cautioned about an impending giant crash, stating that a depression is possible. He projected that by 2025, gold would be valued at ,000, silver at 0, and bitcoin at 0,000. Kiyosaki attributed these predictions to the anticipated loss of faith in the U.S. dollar, which he refers to as “fake money.” In his perspective, gold and silver are regarded as “God’s money,” while bitcoin is seen as “people’s money.”
Kiyosaki did not specify the type of bitcoin ETFs he recommends. In the U.S., there are futures bitcoin ETFs but the U.S. Securities and Exchange Commission (SEC) has yet to approve a spot bitcoin ETF. SEC Chairman Gary Gensler recently revealed that the securities regulator is considering between eight and 10 spot bitcoin ETF applications. Recently, a former NYSE president said he expects money to flood into the crypto industry with spot bitcoin ETF launches. Microstrategy chairman Michael Saylor expects demand for bitcoin to double after the halving and the approval of spot bitcoin ETFs.
What do you think about the advice by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.
Brazil Committee Recommends Indicting Binance Officials, CZ
A congressional committee in Brazil has concluded that four Binance officials, among them company CEO Changpeng Zhao (CZ), should be indicted. The suggestion follows a probe targeting crypto platforms suspected of operating pyramid schemes and can potentially affect the global crypto company’s plans in Brazil and add to its legal challenges.
Parliamentary Committee Suggests Indictment of Binance CEO, Senior Brazil Staff
Binance, the world’s largest cryptocurrency exchange by daily trading volume, may face another legal battle if Brazilian authorities accept the recommendation of a committee at the National Congress to indict some of its leaders, including founder and chief executive Changpeng Zhao.
The committee, which had been investigating crypto-related Ponzi schemes, has accused CZ and three senior local Binance employees of fraudulent management, offering or trading securities without prior authorization as well as operating a financial institution again without authorization, Bloomberg reported.
Comprised of 28 members of the Chamber of Deputies, the lower house of parliament, the committee also suggested that Brazil’s Federal Public Prosecutor’s Office should examine the tax compliance of Binance’s local unit and a separate arm, Binance Capital Management.
Reacting to the news, the exchange said in a statement that it went to “great lengths” to actively collaborate with the committee which wrote in a report accompanying its recommendations that Binance is “surrounded by suspicion” in Brazil.
Binance also emphasized it “strongly rejects any attempts to make Binance a target or even expose its users and employees with allegations of bad practices without any proof, amid competitive disputes given the company’s leadership position in Brazil and in the world.”
The Brazilian lawmakers also recommended that the country’s securities regulator, Comissão de Valores Mobiliários (CVM), investigate Binance for “repeated violation of the securities market rules.” The exchange has been accused of continuing to sell derivatives despite having been ordered to stop.
Besides a CVM probe against its local branch, which may result in more fines and penalties, Binance’s proposal to acquire a Brazilian securities brokerage, announced in early 2022, has not been approved yet by the country’s regulatory bodies and central bank.
The parliamentary committee’s recommendation for indictment may turn into another setback for this year. The crypto behemoth has been dragged into legal battles and other clashes with financial regulators in the U.S., Europe, and elsewhere.
Do you think Brazilian authorities will accept the committee’s recommendation to indict Binance officials? Tell us in the comments section below.
Robert Kiyosaki Recommends Buying Silver Before It’s Gone
Rich Dad Poor Dad author Robert Kiyosaki has urged investors to buy silver before it’s gone, noting that the precious metal is getting rarer. He stressed that silver is “a better bargain” as a long-term investment than gold.
Robert Kiyosaki Urges Investors to Buy Silver
The author of Rich Dad Poor Dad, Robert Kiyosaki, has urged investors to buy silver before it’s gone, noting that the precious metal is becoming rarer. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki tweeted Monday that he considers both gold and silver God’s money. However, the author pointed out that gold is multiple times more expensive than silver, noting that the latter, being an industrial precious metal, is becoming rarer due to its usage. Kiyosaki expressed his belief that silver is a better bargain as a long-term investment than gold. The well-known author further highlighted the affordability of silver, encouraging everyone to consider purchasing some before its availability diminishes. At the time of writing, the current spot price of silver is .70 while gold’s spot price is ,910.50.
In December last year, Kiyosaki explained on Twitter that he became a silver nut in 1964 when he was looking at a dime and saw a copper tinge around the edge. “I was only 17 but I knew we were being screwed via our money. Little did I know then that the U.S. government violated Gresham’s Law which states fake money drives out gold and silver,” the famous author described.
This was not the first time Kiyosaki recommended silver. In July last year, he said silver is the best investment value today, noting that he does not buy gold or silver exchange-traded funds (ETFs) — only real silver or gold coins. He also agreed with Andy Schectman, CEO of Miles Franklin Precious Metals, who said that “silver is the most undervalued asset of a generation.”
Besides silver, Kiyosaki often recommends gold and bitcoin. He believes that the three investments are best for unstable times. In February, he said that by 2025, gold will be at ,000 while silver will rise to 0 and bitcoin will soar to 0,000. He explained that gold, silver, and BTC will see substantial gains because the faith in the U.S. dollar, which he referred to as fake money, “will be destroyed.”
What do you think about Kiyosaki’s advice on buying silver? Let us know in the comments section below.
Galaxy Digital CEO Recommends Buying Crypto And Bitcoin Amid US Credit Crunch
Galaxy Digital CEO Mike Novogratz foresees a future decline in the United States banking system operations; as such, he encourages crypto investors to purchase certain assets, including Bitcoin, that might stand the test of time.
The United States has struggled with the economy since the summer of 2022. For now, it’s impossible to foretell its positive turn. Moreover, Novogratz believes the downturn will last longer than expected.
Novogratz Remains Bullish On Bitcoin And Other Digital Currencies
According to Novogratz’s statement, this is the best time for investors to acquire popular digital tokens, including Bitcoin, Silver, and Gold. He believes these assets will be one of the most notable escape routes for the anticipated crunch in the United States economy.
In an interview with CNBC, Novogratz stated that the economic crunch would affect the United States and the world. He revealed the approach several banks imbibe to grow and sustain their capital. Primarily, these banks lend fewer funds to consumers to build their capital score.
Related Reading: Bitcoin Price Reaches Inflection Zone As The Bears Slowly Take Control
Generally, this approach will potentially add to the current credit crunch of the economy. Aside from this, the commodities market is already showing signs of a recession in the future. However, the economic downturn became more evident in March after the fallout of central banks, including Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank.
Due to the ongoing economic recession, the government has become more concerned about printing too much money, believing it will curb the issue. But Novogratz sees a possible reversal in the interest rate policy.
He noted that the Federal Reserve would likely increase the rate, which would be a significant policy error. He restated that digital currencies like Bitcoin exist to avoid the ongoing economic disorder.
How The Assets Are Performing Today
According to market watch, the most prominent digital asset, Bitcoin, saw a significant decline in its price following the collapse of Silicon Valley Bank. However, data revealed that the token reached its year’s high of ,514.72 on March 14, 2023.
Related Reading: Why Bitcoin Could Explode To ,000 Per Coin In A Flash
In the meantime, the broader crypto market has seen a rise above 1% over the past 24 hours. Even though the market cap is still above trillion, there is a noticeable decline from its gains of March 14 and 15. But several digital assets, such as Bitcoin and Ethereum, have been trading green in the last seven days.
At the time of writing, the price of BTC in the past week is up by 13.62%, as it currently trades at ,666.37. On the other hand, Ethereum currently shows a 7-day price gain of 8.17% while trading at ,659.28.
Featured image from Pixabay and chart from Tradingview.com
Barron’s Recommends Hedging A Stock Portfolio, But What About Bitcoin?
Barron’s, an American finance publication operated by Dow Jones & Company, has given a rare suggestion to its audience to hedge their stock portfolios ahead of the upcoming election. The risk hanging over the market could also be responsible for the recent collapse in Bitcoin.
Given the recommendation, how should crypto investors consider hedging their portfolio too? Or should stock market investors consider hedging against uncertainty with Bitcoin?
Barron’s Warns Of Stock Market Decline, Recommend Hedging Portfolio Ahead Of “Weird” Election
In a new report from financial market magazine Barron’s, the firm advocates hedging a stock portfolio against the coming uncertainty surrounding the 2020 presidential election.
“Portfolio hedging is something we rarely endorse because most investors are terrible at it, and the market generally prices downside put options with such intense fear premiums that most people stand a better chance of winning the lottery,” the report starts off with.
Even with lottery-like odds, Barron’s is still saying it is wise for even unskilled investors to try to hedge their portfolio against risk. Barron’s is recommending “put” options on the S&P 500 as the ideal hedge, but there are several ways an investor can hedge against risk.
Related Reading | VIX Raising “Red Flag” On Stocks, Could Be Bearish For Bitcoin
For example, investors are currently taking profit on all of these assets and fleeing into cash in preparation for uncertainty. It prompted the S&P 500 and Bitcoin to sell-off over the last 24 hours after reaching 2020 highs.
Barron’s points to election results that are likely to be heavily contested, leading to a prolonged showdown and stressful situation for investors.
They also highlight how tensions in the United States surrounding political and racial views have led to protests, violence, and the highest increase in gun ownership in years.
Lastly, they call out how the VIX – a measure of expected stock market volatility – always rises during election years, and that this year is especially heightened due to the pandemic.
BTCUSD Versus S&P 500 Versus VIX Daily Comparison Chart | Source: TradingView
How Can Crypto Investors Hedge Their Bitcoin and Altcoin Portfolios Against Risk
As for how crypto investors can hedge their portfolios, there’s always cash, Tether, or simply holding Bitcoin for the long haul. If things get particularly bad in markets ahead of the election, high-risk altcoins may take the brunt of the beating.
Related Reading | This Monthly MACD Bearish Divergence Warns Of Imminent Bitcoin Crash
Crypto investors would be wise to reduce altcoin exposure if Bitcoin continues to decline. Crypto investors that are holding spot Bitcoin, can potentially open a short position to hedge against any coming drawdown.
Finally, the most confusing factor in Bitcoin’s use as a hedge against inflation and economic uncertainty. Some have called it an insurance policy of sorts, but the fact remains that Bitcoin is unlike other assets, and given the asset’s scarcity and recent halving, it could be immune to the impact of the election.
If Bitcoin can rise during even the most uncertain times the world has ever faced, stock market investors may seek to hedge with Bitcoin, much like Nasdaq-listed MicroStrategy has.
Whatever way an investor chooses to hedge, Barron’s advice remains valuable: It is time to hedge against the election, any way you can.
Why One Outspoken Bitcoin Bull Recommends Holding More Gold Than BTC
Bitcoin and gold have formed a striking correlation throughout 2020, although this has shown some signs of degrading over the past few weeks as BTC continues extending its multi-month bout of sideways trading.
Gold is also starting to move lockstep with the stock market, showing that traders are increasingly treating the precious metal as a “risk-on” asset rather than a “safe haven.”
One billionaire Bitcoin bull is now doubling down on his calls for investors to add both BTC and gold exposure to their portfolios.
However, he is now noting that most investors should hold more gold than they do Bitcoin, as the digital currency is still in its early adoption phase and can be prone to seeing immense volatility.
This is not an admission of him favoring gold over the crypto, but rather is just general advice for traditional investors who may not have an appetite for immense risk.
Galaxy Digital’s Mike Novogratz: Bitcoin Adoption Curve Remains Steep
In an interview with CNBC’s Fast Money from earlier this week, billionaire investor and founder of Galaxy Digital, Mike Novogratz, explained that Bitcoin’s growth has been plagued by a steep adoption curve.
He noted that, for the average investor, BTC is still hard to buy. This may have contributed to its stagnating price over the past couple of years.
“Bitcoin is still hard to buy… if it was easier to buy it would be a lot higher, and there are more and more people making it easier to buy,” he said.
He further added that a few parties that are helping to make it easier for non-crypto investors to foray into the market are funds, custody providers, and eventually, an ETF.
Why Novogratz Recommends Investors Hold More Gold Than BTC
Some interesting advice Novogratz offered during the interview was regarding how investors should weight Bitcoin versus gold within their portfolios.
He explained that Bitcoin’s unpredictable nature and volatility means that the standard portfolio should be weighted more heavily with gold.
Despite this recommendation, he still believes that BTC will far outperform the precious metal in the years ahead.
“My sense is that Bitcoin way outperforms gold, but I would tell people to have a lot less Bitcoin than they have gold, just because of the volatility,” he explained.
If gold is able to extend its immense growth, it could create a tailwind that lifts the benchmark cryptocurrency as well, as both assets are underpinned by similar fundamental strengths.
Featured image from Unsplash.