If the gold market is too rich for your blood, you may want to consider silver or BitcoinBitcoin, according to Robert Kiyosaki, author of the best-selling book "Rich Dad Poor Dad."
Dennis Gartman respected gold bull is out of gold. Thinks gold price has peaked. I agree. Silver still around $25 Oz. $50 next? Everyone can afford. If you have money Bitcoin is moving up. I am out of gold loading on silver and Bitcoin. What are you doing? Got silver and Bitcoin?
Kiyosaki’s comments on Twitter were a response to an interview that Dennis Gartman, a well-known gold-loving investor, gave to Bloomberg earlier today. Gartman told Bloomberg that he was "socially distancing" himself from the precious metal because he felt the market was too crowded.
"Too many people all of a sudden are involved in the gold market,” he said. “There's only one position everybody has and that's long [...] people have to be taken out of that trade," Gartman said, adding that he might get excited about gold again if it dropped to as low as $1,775.
Gartman's about-face comes just three months after he said that now was “the time to buy gold." Perhaps his words were too accurate: Trading volume and the price of gold are rising, and traders are swapping their futures contracts for physical gold at a frantic pace, increasing fears of a potential market imbalance.
But if gold can't save us from the current economic crisis, then what can? Kiyosaki offered some alternative hedging options:
"Silver [is] still around $25 Oz. $50 next? Everyone can afford [that]. If you have money, Bitcoin is moving up. I am out of gold [and] loading on Silver and Bitcoin,” he tweeted.
Renowned gold bug (and Bitcoin skeptic) Peter Schiff chimed in response to Kiyosaki by suggesting that Gartman “was never really in gold.” Investors should, instead, sell their Bitcoin into “this sucker’s rally,” he tweeted.
Robert don't you realize that Dennis Gartman is a contrarian indicator? Also, I don't think he was ever really in gold. You can't get out of what you never got into in the first place. So, keep your #gold, keep buying #silver, and sell your #Bitcoin into this sucker's rally.
Kiyosaki's recommendation to buy silver as well as Bitcoin is notable, however, given recent reports that silver traders are more interested in accumulating the metal than speculating on prices, which cuts against the grain.
In other words, Bitcoin may have a comparative advantage, considering the reasons that led Gartman to exit the gold market. A digital asset with a flourishing market could be an enticing option to diversify risks.
Bitcoin services company Fold announced Friday that it has added 475 BTC to its treasury, or about $41 million worth, bringing its total holdings to more than 1,485 BTC—nearly $130 million worth at today’s price.
The firm followed the playbook popularized by Michael Saylor’s Strategy (formerly MicroStrategy), issuing convertible notes to raise funds for the purchase.
“We believe Bitcoin will play a key role in the foundation of a new financial era, and Fold will help lead the way,” said Fold C...
Japan’s ruling Liberal Democratic Party (LDP) has proposed a significant reduction in the tax rate on crypto gains in an effort to overhaul its crypto tax regime.
In a draft released Thursday, LDP lawmaker Akihisa Shiozaki introduced a plan to reduce the tax rate on crypto gains from 55% to 20%.
自民党・デジタル社会推進本部にてweb3WGの制度改正案が公表。暗号資産を金商法上の有価証券とは異なる新たなアセットクラスとして位置付け、市場の発展、投資家保護、分離課税を実現する案です。なお、制度改正案については、3月31日まで広く皆さまのご意見・提案を募集します。（資料は↓のWGブログ… pic.twitter.com/CEc1f9wiPe
— 塩崎あきひさ 【衆議院議員・愛媛1区】 (@Aki...
Global fiat on/off ramp service Transak has obtained its Digital Currency Exchange (DCE) registration in Australia, marking a major step in its international expansion.
The company received its DCE registration from the Australian Transaction Reports and Analysis Centre (AUSTRAC), allowing it to operate as a fully compliant exchange in the country.
Akin to a Virtual Asset Service Provider (VASP) license in other parts of the world, this regulatory approval is critical for Transak, ensuring compl...
