Copyright The Street
"Rich Dad Poor Dad" author Robert Kiyosaki issued the ultimate warning to New Yorkers as Democrat Zohran Mamdani won the mayoral election in the city. Mamdani is a state assembly member from Queens whose socialist economic agenda for New York City has drawn sharp criticism from the titans of the crypto industry. Well-known for his multiple market crash warnings and espousal of alternative assets like Bitcoin (BTC), Kiyosaki warned New Yorkers that a "Marxist" mayor like Mamdani will increase “rent stability.” He explained that “rent stability” is a Marxist agenda as it controls rents for an infinite period. He said a renter controls the property for generations and the owner of real estate gets "FUed." "Rent Control is Marxist: As Marx said : “The purpose of communism is the abolition of private property.”" The U.S. is "losing" its freedom, democracy, and capitalism and turning into a "Marxist, communist country" due to Marxists running higher education schools, the personal finance author claimed in the X post. Scroll to Continue Recommended Articles Kiyosaki said people can protect themselves with real financial education and real money. He recommended investing in gold, silver, Bitcoin, and Ethereum. Earlier, he reiterated his market crash warning that millions will be wiped out and advised investments in Bitcoin, Ether, gold, and silver. More News: Mamdani elected New York mayor, crypto entrepreneurs weigh leaving city Crypto markets reel amid Supreme Court hearing on Trump tariffs Billionaire investor thanks Jim Cramer for calling it a 'bear market' Mamdani's crypto policy not articulated yet Though Mamdani has not specified what his crypto policy will be, he has been highly critical of corporate influence on politics. Earlier this year, he criticized Cuomo for advising the crypto exchange OKX while the the federal government was investigating it. The crypto market seems to be healing as the total market cap has jumped 3% over the last 24 hours and now stands at $3.47 trillion. Bitcoin is up 3% in a day, trading at $104,399.07. Both Ether and XRP have jumped more than 5%, trading at $3,466.48 and $2.31.
