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'Rich Dad Poor Dad' Author Issues Response to Global Financial Crisis Worsening: Details

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Tue, 21/03/2023 - 11:33
'Rich Dad Poor Dad' Author Issues Response to Global Financial Crisis Worsening: Details
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Financial and investment guru famous for the book "Rich Dad, Poor Dad," Robert Kiyosaki, has taken to Twitter to announce that he has released his first "emergency podcast," and the second one is coming later. This is his response to the worsening financial crisis around the world.

Current banking crisis and Bitcoin

Kiyosaki is a famous advocate of Bitcoin, but he also believes that gold and silver are good assets for hedging risks during unstable times for the economy and for storing value.

As the banking crisis deepens, the flagship cryptocurrency, BTC, keeps going up, in accordance with Kiyosaki's expectations that he expressed on Twitter earlier, recommending that people accumulate Bitcoin.

On Saturday, Kiyosaki tweeted that the global financial crisis is becoming stronger. Usually, his recommendation against this is buying Bitcoin, physical gold and silver, and to "take care, be aware."

This time, however, he said nothing about the leading digital currency, even though BTC has been growing fast this month. Since March 12, the king crypto has surged by 36.45%, now trading slightly above the $28,000 level. In late December, Robert tweeted that he was buying more Bitcoin himself. He said he was excited about BTC since it has been classified as a commodity, the same as gold and silver, and unlike altcoins.

Related

Predicting Bitcoin at $500,000

Earlier this year, Kiyosaki shared that he expects Bitcoin to surge to as high as the $500,000 level by 2025. He believes that the likelihood of this is quite high because the U.S. economy has been filled with trillions of U.S. dollars printed by the Fed Reserve out of thin air since 2020 – the year when the pandemic started hitting the world. Gold will be worth $5,000 by then and silver will hit $500 per ounce, per Kiyosaki's expectations.

Back in 2020, the U.S. began supporting average households with so-called survival checks and also began bailing out large companies and banks. The same is happening now, as three major banks (curiously, friendly to crypto and worked with crypto exchanges, as well as such tech giants as Ripple) have become insolvent. These are Silvergate, Silicon Valley Bank and Signature Bank, the latter having been Ripple's banking partner, storing a small part of its cash balance for them.

After the first two of those banks went down, Kiyosaki tweeted that he expected another one to crash soon, but he did not name Signature Bank.

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