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'Rich Dad Poor Dad' author Robert Kiyosaki says the 'everything crash' is underway - and trumpets it as a rare chance to make a fortune

Robert Kiyosaki.
Robert Kiyosaki.Matt Carasella/Patrick McMullan/Getty Images
  • Robert Kiyosaki warned an epic market crash is underway, and millions of people will lose money.

  • The "Rich Dad Poor Dad" author said the downturn is a chance to buy cheap assets and make a fortune.

  • Kiyosaki touted crypto as a good bet, despite questioning bitcoin's value earlier this year.

Robert Kiyosaki has warned a historic market slump is underway, and heralded it as a rare opportunity to make life-changing amounts of money.

"Here it comes ... the everything bubble turns into the everything crash," he said in an email to his followers on Saturday. "It's going to be the greatest crash ever. More wealth is going to get transferred than ever before in history."

In another email blast on Sunday, the "Rich Dad Poor Dad" author trumpeted the buying opportunities he expects to emerge in the coming months.

"It's time for the poor to get rich," he said. "Stocks, bonds, mutual funds, ETF & real estate crashing as predicted. Millions will be wiped out. But thousands of the poor and middle class will become incredibly wealthy."

Kiyosaki recalled that he personally capitalized on the collapse of the mid-2000s housing bubble.

"2008 was great time to get rich. Everything went on sale," he said. "The sales were so great I borrowed millions of dollars to grab all the real estate bargains I could."

The personal-finance guru and founder of The Rich Dad Company  has been bullish on gold, silver, and bitcoin for several months. He predicted those assets would tumble along with the broader market, but advised investors to take advantage of cheaper prices and purchase more of them — as he expects them to surge once the Federal Reserve ends its campaign of interest-rate hikes.

Kiyosaki singled out cryptocurrencies as having the greatest upside of any asset class. However, it's worth noting he dismissed bitcoin as worthless on his radio show in May. "I trade bitcoin. But I don't think it has any value. I just play the game," he said.

The author repeatedly sounded the alarm on a massive bubble in asset prices during the past 18 months, and predicted it would end with a devastating crash. He also issued some unusual advice in June for people looking to beat inflation, suggesting they stockpile trash bags, toilet paper, and canned goods such as tuna and baked beans to get ahead of price increases.

Read more: David Rubenstein sees Warren Buffett as the ultimate investor. The private equity billionaire lays out the 12 traits and habits that are key to Buffett's success.

Read the original article on Business Insider