Robert Kiyosaki Says America Is Bankrupt, Reiterates Support for Bitcoin and Gold

Kiyosaki believes that the rise in the stock market is due to the removal of the US debt ceiling.

American businessman and author of the best-selling "Rich Dad, Poor Dad" Robert Kiyosaki argues that the United States is bankrupt as the national debt mounts, countering claims that the world's largest economy is strong.

In a recent tweet, Kiyosaki called media outlet the Wall Street Journal (WSJ) a "numb lunatic" for failing to decipher whether the stock market rally was due to President Joe Biden raising the U.S. debt ceiling.

**Kyosaki: **America is bankrupt

Kiyosaki's comments came in response to a recent Wall Street Journal report that the U.S. is emerging from recession due to a combination of factors, including a 2.4% second-quarter economic expansion and a similar increase in gross domestic product, significantly faster than the Expert predictions.

The record topped expectations for a downturn from mid-year due to rising interest rates as customer spending fell. The Wall Street Journal said a stronger labor market would increase the prospect of a "soft landing," in which inflation moves closer to the Fed's 2 percent target without a recession.

However, Kiyosaki had the exact opposite in mind. As reported earlier this month, he thinks stocks are on the rise now that the U.S. debt ceiling is being lifted.

Recall that in June, Biden signed a bill suspending the US government's $31.4 trillion debt ceiling until January 2025, avoiding the country's first default. The pause quelled an economic crisis that could have roiled financial markets and sparked a recession. Since then, large U.S. stock market indexes including the S&P 500, Dow Jones and Nasdaq have posted notable gains, sparking talk of a stronger economy.

The famous author stated that the national debt rises with the growth of the financial markets; therefore, the Wall Street Journal is wrong about the strength of the US economy because the country is bankrupt.

Kyosaki prefers Bitcoin, Gold and Silver

While the U.S. economy is shrinking, Kiyosaki reiterated his support and preference for Bitcoin (BTC), gold and silver, which he often refers to as real assets and real money. He thinks the U.S. dollar will die, while the largest cryptocurrencies and precious metals will thrive and act as protection.

A proponent of BTC, the author of "Rich Dad, Poor Dad" reckons the asset could soar to $120,000 in 2024 and $500,000 by 2025.