Rich Dad Poor Dad author Robert Kiyosaki has warned that the real estate market is on the verge of a crash that will be worse than the 2008 financial crisis. Noting that it will be the greatest crash “ever,” he stressed that the 2023 crisis will make the Global Financial Crisis “look like nothing.”
’Greatest Real Estate Crash Ever’
Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, has issued another warning about the real estate market, stating that it is on the verge of the greatest crash “ever.” Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
The famous author believes that the 2023 crash will be worse than the 2008 Global Financial Crisis (GFC), and is advising investors to protect themselves by buying gold, silver, and bitcoin. He tweeted Wednesday:
Greatest real estate crash ever. 2008 was the GFC. 2023 will make 2008 GFC look like nothing. In 2019, office towers in San Francisco were hot. In 2023, same buildings have lost 70% of value … Get gold, silver, bitcoin.
Kiyosaki has cautioned many times in the past regarding the potential crash of the real estate market. In March, for example, he tweeted that the Federal Reserve’s rate hikes will crash stocks, bonds, real estate, and the U.S. dollar. In September last year, he similarly tweeted that stocks, bonds, mutual funds, exchange-traded funds (ETFs), and real estate are crashing.
Recently, Tesla and Spacex CEO Elon Musk also warned about real estate markets. He tweeted at the end of May that commercial real estate is “melting down fast,” predicting that “home values” will be next. However, some people disagreed with the billionaire about the residential real estate market, including Federal Reserve Governor Michelle Bowman, Shark Tank star Barbara Corcoran, and Glenn Kelman, the CEO of residential real estate brokerage operator Redfin.
Kiyosaki previously explained that he no longer recommends real estate as an investment. “In my 2022 book Capitalist Manifesto, I stated Marxist took over the U.S. in the 2020 election. Marxists will raise property taxes, impose rent controls, as rising interest rates decrease property values. I recommend gold, silver, bitcoin,” he tweeted last October.
The renowned author has been recommending gold, silver, and bitcoin for quite some time. He predicted in February that by 2025, the price of gold would reach $5,000, silver would soar to $500, and bitcoin would surge to $500,000. Explaining his prediction, he tweeted: “Because faith in U.S. dollar, fake money, will be destroyed. Gold & silver God’s money. Bitcoin people’s $.”
Do you agree with Rich Dad Poor Dad author Robert Kiyosaki about the upcoming real estate crash? Let us know in the comments section below.