'Rich Dad Poor Dad' Author, Crypto Advocate, Sees Depression Coming, Says Fed Destroys Regional Banks

Vocal Bitcoin supporter and author of the famous book on self-development in the financial sphere "Rich Dad Poor Dad" Robert Kiyosaki has taken to Twitter to comment on the plunge of the share price of First Republic Bank based in San Francisco.

"Fed is killing regional banks"

Kiyosaki claims that the Federal Reserve is destroying regional banks across the U.S. via the repo market. These banks are the "heart and soul of economy," he added. Since the start of the year, around 10 banks in the U.S., including Silvergate, Silicon Valley Bank and Signature Bank.

Silvergate was shut down, and the other two were bailed out by the U.S. government. Yesterday, the news came that the stock price of First Republic Bank plunged, with tens of billions plummeting in deposits, escalating the U.S. banking crisis. The bank is now facing the option of getting its assets sold.

This pushed the Bitcoin price to recapture the $30,000 high for a few hours.

However, on the same day, the flagship digital currency went down sharply to the $27,000 level; Bitcoin positions worth nearly $190 million were liquidated across multiple crypto exchanges. Long BTC positions constituted $161.21 million (87.96%) of them.

This happened at the same time as rumors emerged that Mt. Gox and U.S. government wallets were moving large amounts of Bitcoin.

Kiyosaki stated that the banking crisis is also affecting the Amazon giant, making it cut its staff by 18,000 jobs without credit flowing. "Is this intentional? Is a depression intentional?" the author of "Rich Dad Poor Dad" asks rhetorically. He believes the best idea now is for consumers to get their USD out of regional banks.

WTF. What The Fed? Why is Fed destroying regional banks across America? Regional banks are heart and soul of economy. Fed via the Repo Market killing regional banks. Is this intentional? Is a depression intentional? WTF is Fed up to? Get $ out of Regionals.

— Robert Kiyosaki (@theRealKiyosaki) April 27, 2023

Related

Wed, 04/26/2023 - 20:46

Bitcoin Crashes to $27,000, $183 Million Liquidated. What's Behind Dramatic Plunge?

Alex Dovbnya

Bitcoin heading to $100,000, Kiyosaki believes

In a recent tweet, Kiyosaki assumed that Bitcoin is on its way toward $100,000, fueled by the aforementioned banking crisis and bailouts of banks. In general, over the past three years, Kiyosaki has named excessive USD printing by the Fed as the major driver for the BTC price surge in the near future. In 2020 alone, when the pandemic broke out, the U.S. government and the Fed printed over $6 trillion out of thin air.

However, prior to the $100,000 per Bitcoin forecast, Kiyosaki said that he expects the leading crypto to reach as much as $500,000 by the year 2025 for the same reason.

Three days ago, the investor and nonfiction writer tweeted that fund manager Steve Van Meter, whom he greatly respects, expects gold to plummet to $1,000. If that happens, Kiyosaki says, he will buy more gold and Bitcoin because he is a long-term investor, not a trader. Besides, he considers gold and Bitcoin "real money."