'Rich Dad Poor Dad' Writer Expects More Banks to Fall – Good for Bitcoin?

Vocal investor, financial guru who supports Bitcoin and author of popular book on finance management "Rich Dad Poor Dad," Robert Kiyosaki, has taken to Twitter to share that despite the promise of Fed Reserve chair Powell not to raise interest rates, inflation is not over with.

After a recent string of major U.S. banks failing, Kiyosaki expects more banks to fall soon and names one particular bank that is rumored to be in a weak position now, making it the next candidate for collapse.

This mortgage giant "on the ropes"

Kiyosaki believes that this candidate is mortgage company LoanDepot, which is "rumored to be on the ropes" now. It was founded in 2009 in California as a nonbank holding company famous for selling mortgage and nonmortgage lending products.

Regional banks and mortgage companies are falling, Kiyosaki reminds, as if hinting at the mortgage market crisis of 2008-2009 in his tweet. He warns his followers to be careful and not to trust the positive public statements of Fed Reserve Chairman Jerome Powell or Treasury Secretary Janet Yellen.

In March, several large banks shut down, including Silicon Valley Bank, Silvergate Bank and Signature Bank. All of them were "crypto-friendly" and worked not only with crypto exchanges but also with blockchain companies such as Ripple Labs (Signature Bank). On the news of those banks failing, the Bitcoin price surged.

Kiyosaki expects biggest mortgage crisis in 2023, urges buying Bitcoin

A week ago, the "Rich Dad Poor Dad" author tweeted that he expects the "greatest real estate crash ever" to occur, compared to which the mortgage crisis in 2008 that caused the GFC (global financial crisis) will "look like nothing." In particular, he expects the market of office buildings to suffer.

Kiyosaki urged his followers to buy more Bitcoin, silver and gold. He believes all of these to be safe-haven assets.

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Bitcoin to hit $500,000 per Kiyosaki

In an earlier tweet this year, Robert Kiyosaki shared his expectation that by 2025, Bitcoin will surge as high as $500,000 per coin. He named the unstoppable money printing by the Federal Reserve as the key reason for this.

However, later on, he brought down his prediction from $500,000 to $100,000. At the time of this writing, BTC is changing hands at $24,853, falling more than 4% after Powell's statement about interest rates.