‘Shutdown Looming’—Author Warns ‘Get Gold, Silver, Bitcoin And
The U.S. is hurtling toward a government shutdown and potentially crippling credit default with federal government funding due to expire on Thursday and borrowing authority set to run out in mid-October.
Fears over the looming twin fiscal disasters have sparked warnings of a “giant stock market crash,” with Rich Dad Poor Dad author Robert Kiyosaki telling his 1.7 million Twitter followers to “get gold, silver, bitcoin and ethereum” before “the biggest crash in history.”
Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday
The U.S. government is currently trying to increase the debt limit—with some warning failure to do … [+]
Getty Images
“Giant stock market crash coming October,” Kiyosaki said last week. “Why? Treasury and [the Federal Reserve] short of T-bills.”
Kiyosaki said he isn’t planning on selling gold, silver, or bitcoin but warned he thinks they “may crash too”—and pointed to China’s embattled Evergrande property developer as potentially exacerbating market volatility.
Bitcoin, ethereum and many other major cryptocurrencies have already surged many fold so far this year as investors pile into stock markets and commodities, partly in an attempt to avoid holding cash as inflation continues to climb.
The bitcoin price is up almost 300% on this time last year, with the ethereum price is up 700%. The combined cryptocurrency market has climbed from just over $300 billion to around $2 trillion.
Others have also cautioned the fast-approaching debt ceiling could roil markets that have soared to all-time highs this year.
“There has not been too much optimism in U.S. markets recently and the political outlook looks difficult as deadlines approach on the U.S. government’s $28.4 trillion debt ceiling which is again threatened with a breach unless legislators can agree to raise the limit,” Mihir Kapadia, the chief executive of wealth management company Sun Global Investments, said in emailed comments.
CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has soared this year, climbing along with ethereum and other cryptocurrencies as
Coinbase
Earlier in the week, Kiyosaki warned China’s latest bitcoin and crypto crackdown, which sparked volatility among bitcoin, ethereum and other cryptocurrencies, could be emulated in the…
Read More: ‘Shutdown Looming’—Author Warns ‘Get Gold, Silver, Bitcoin And