Bitcoin at $50,000 Is Bad News for ‘Mommy and Dad’, Says Rich Dad, Poor Dad, Author Robert Kiyosaki

What happened: In his latest series of tweets, Robert Kiyosaki, the author of Rich Dad Poor Dad, outlined why Bitcoin’s (CRYPTO: BTC) rising to $50,000 is not good news for everyone.

According to him, the major price increase in digital assets may be good news for Bitcoin holders, but it is bad news for “Mommy and Dad.”

By “mom and dad,” Kiyosaki presumably referred to the average investors who put their trust in more conventional financial systems when making investment decisions.

Also read: Bitcoin and Dogecoin Will Rise as US Dollar Dies: Rich Dad Poor Dad Author Robert Kiyosaki

As he explained in his tweet, the main reason he invests in Bitcoin, gold and silver is that he doesn’t trust the leaders, the Fed, the Treasury or even the stock market.

“Unfortunately, mom and dad who save money do,” he said.

Earlier in the day, the author told his 1.7 million Twitter followers that Bitcoin is booming, but gold is stagnating and the US dollar is falling.

He went on to point out that silver is 50% below its all-time high and that it is the best low-risk, high-potential investment.

“Bitcoin has the biggest advantage. With a declining dollar, Bitcoin and silver are the best investments.” he explained.

Price promotion: Bitcoin has fallen 2.97% since Kiyosaki’s tweets to below $50,000.

At the time of writing, the market-leading crypto asset was trading at a price of $48,902.

The cryptocurrency’s daily trading volume fell by 10.38% in the past 24 hours to $32.8 billion at the time of writing.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.