Renowned author Robert Kiyosaki has stated that major turbulence is expected in the US economy following the recent credit rating downgrade by Fitch.

The lowest expectation of default risk

The credit rating agency downgraded the US’s long-term stance from “AAA” (representing the lowest expectation of default risk) to “AA+” (a rating typically given to countries with low expectations of default risk).

Fitch cited the country’s anticipated fiscal deterioration in the coming years and the government’s rapidly increasing debt burden as the reasons for the downgrade.

The author of Rich Dad Poor Dad believes that the US economy is in for a tough time following the recent downgrade by Fitch rating services from AAA to AA+.

He warns of a possible crash landing and expresses regret for sharing such negative news.

Kiyosaki claims to have warned of this possibility for over a year, while the Fed, Treasury, and big corporation CEOs have been ignoring the warning signs.

Last month, he predicted a historic downturn, pointing to numerous indicators that suggest the stock market is heading for a severe crash and an economic depression could be on the horizon.

The personal finance author mentioned that he will invest in tangible assets like gold, silver, and Bitcoin (BTC) due to his view on the economy.

It’s worth noting that he is known for predicting the 2008 financial crisis, although his forecast was slightly earlier than when it occurred.

Bitcoin in the news

A respected trader who predicted the rise of cryptocurrency earlier this year has stated that Bitcoin’s trend has shifted in favor of the bears.

DonAlt, a well-known crypto analyst with over 500,700 followers, believes that the loss of $30,000 as support means that Bitcoin has entered a bearish territory. He suggests that Bitcoin is already in a consistent downward trend.

“The move down has been slow but very consistent, some might call this chop, but I’d call it a downtrend.

(above) $30,000 = good.

$20,000 = good.

$27,000 = might be good enough for a punt.”

Make sure to check out our previous article in order to learn more details about this.