Robert Kiyosaki: Bitcoin could be a safe haven asset in turbulent economic times.
Is Bitcoin the Safe Haven Asset in Times of Financial Crisis?
Introduction
Robert Kiyosaki, the bestselling author of “Rich Dad, Poor Dad,” predicts that the present financial sector crisis will worsen due to the FED’s intense rate hikes. He recommends investors concentrate on Bitcoin, gold, and silver, suggesting that these assets may protect them from future volatility. Meanwhile, Arthur Hayes, the co-founder of BitMEX, is turning bullish and ready for a bull market. He predicted that the negative trend in the Bitcoin market would reverse if Hong Kong and China welcomed the industry with open arms, which is also happening now.
The Bitcoin Market
Looking at the Bitcoin chart, you can see that Bitcoin is setting up for something special over the next several years, and the comparisons to 2019 are uncanny. In both years, Bitcoin put in its low in early November, hovering around that level until late March, before blasting off and never looking back. It looks like Bitcoin is printing the exact same setup. We went through an accumulation phase from November until January, and the price is starting to mark up now.
The Obstacle Ahead
However, there is still one major obstacle in Bitcoin’s way. While Bitcoin made a strong move above $25,000 during yesterday’s trading session, it failed to close above the 200 Weekly Moving Average at $25,100. This is a critical level for Bitcoin to flip from resistance to support. As of the time of writing, Bitcoin’s price is currently at $24,900, just below the 200 MA. If Bitcoin is able to break above this level and flip it into support over the coming days and weeks, then it will likely repeat the same spectacular performance it saw back in 2019, as it rallied 330% off of the bear market lows in just a few months.
Conclusion
In conclusion, with the global economy in turmoil and central banks issuing more “false money,” it is worth considering whether Bitcoin is a safe haven asset in times of financial crisis. Robert Kiyosaki believes that it is, and with the chart showing similarities to 2019, it may be time for investors to take notice. The only obstacle in Bitcoin’s way is the 200 Weekly Moving Average, which it needs to flip from resistance to support. If it can do so, then we may see a bull run into the halving.
