'Rich Dad Poor Dad' Author Says Buying Bitcoin Is Vital as 'Crash and Crisis' Just Starting
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Investor, nonfiction writer and entrepreneur Robert Kiyosaki, particularly famous for his book on financial literacy "Rich Dad Poor Dad," has taken to Twitter to make another prediction of an upcoming economic and financial collapse.
He mentioned Bitcoin in his tweet, reminding the audience that he believes the flagship cryptocurrency, along with a few other assets, to be vitally important now.
SILICON Valley Bank -SILVERGATE Bank-SIGNATURE Bank. They went WOKE and went BROKE. Crash and Crisis just starting. Pensions, IRAs, 401ks went WOKE going broke. Buy more G,S, BC. TAKE CARE.
— Robert Kiyosaki (@theRealKiyosaki) March 15, 2023
"Banks went woke and went broke," "Buy more BTC"
Kiyosaki has again drawn the attention of his large Twitter audience to the current crisis in the banking sphere and the recent collapse of three major banks — Silvergate Bank, Silicon Valley Bank and Signature Bank. All three of these were also crypto-friendly, dealing with crypto exchanges, collaborating with stablecoin issuers, and storing part of the cash balance of some crypto companies.
The chief executive of Ripple, Brad Garlinghouse, recently admitted in a statement that Ripple did hold part of its cash balance at Signature Bank. However, it was a really small portion, and the bank's collapse has not impacted the daily operations of Ripple.
The U.S. government also promised to maintain the access of SVB and Signature Bank's customers to their balances and allow withdrawals without spending taxpayers' money. Kiyosaki then tweeted a sarcastic comment to that.
In today's tweet, he stated that "crash and crisis" are just beginning, and that pensions, U.S. corporate pension program 401k and IRAs (individual retirement accounts) went woke and are going broke now, as are the banks.
Kiyosaki concluded his tweet with a traditional call to buy Bitcoin, physical gold and silver for users to hedge their risks in the current difficult period for the economy.
Bitcoin to hit $500,000, gold to rise to $5,000, per Kiyosaki
Earlier this year, Kiyosaki tweeted that he expects BTC to surge to the astonishing level of $500,000, gold to hit $5,000 per ounce and silver to surge to $500 by 2025. The main driver for this, he believes, is going to be the cumulative effect of the U.S. government printing "billions in fake dollars."
The printing started back in 2020, when the pandemic broke out, lockdowns were implemented and the U.S. government began supporting average citizens with "survival checks" worth $1,200 per adult. Banks and large businesses were supported with bailouts.
Now, Kiyosaki reckons that Bitcoin is the "answer to the sick economy." BTC, gold and silver are the best inflation hedges, according to him.
Bitcoin is currently changing hands at $24,553, after briefly peaking at the $26,000 level on multiple factors, including a positive February CPI report, which made economists think that the Federal Reserve is likely to begin decreasing rate hikes at the March FOMC meeting.
Related articles
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya