• Robert Kiyosaki believes that the SEC will regulate and “crush” most cryptocurrencies other than Bitcoin.
• Hedge fund manager Michael Burry expects inflation to spike, and believes the US will be in a recession soon.
• Economist Peter Schiff predicts the US dollar will have one of its worst years ever in 2023 due to inflation.
The start of 2023 has been a tumultuous one for the markets, with the uncertainty of crypto businesses bankruptcies, inflation, and recession looming over the horizon. The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has revealed why he is buying more bitcoin, as he warned that the Securities and Exchange Commission (SEC) regulations will „crush“ most other cryptocurrencies. Kiyosaki stated that he is buying more bitcoin due to the fact that it is more resilient and less likely to be affected by the regulations than other cryptos.
Hedge fund manager Michael Burry, who is famous for accurately predicting the 2008 financial crisis, has also weighed in on the current market situation. He claims that inflation has peaked in the U.S., but that there will be another surge in the near future. Additionally, he believes that the U.S. economy will be in a recession “by any definition” soon.
Economist Peter Schiff has also shared his views on the looming economic crisis. He predicts that the U.S. dollar will have “one of its worst years ever” in 2023, warning that the inflation rate is “about to get much worse”. Schiff believes the US dollar will suffer greatly in the near future due to the increasing inflation rate and the likelihood of an impending recession.
The looming economic crisis and the uncertain future of cryptocurrency has left many investors feeling uneasy. Despite the current market instability, the peer-to-peer exchange, which was the original value proposition of bitcoin, remains a reality. This means that individuals are still able to buy and sell cryptocurrencies without relying on third party institutions stifling economic freedom. There is also no shortage of crypto news, and investors should always remain informed of the latest developments in order to make the most informed decisions.