Bitcoin, the digital currency that has disrupted traditional finance, has been endorsed by none other than Robert Kiyosaki, the celebrated author of personal finance books.
In a cautionary tale about government bailouts, Kiyosaki has urged people to consider increasing their holdings of Bitcoin (BTC) as a potential safeguard against economic uncertainty.
Kiyosaki, renowned for his book “Rich Dad Poor Dad,” has advised his followers to invest in cryptocurrencies in the face of worries over the future of fiat currency.
The Impending ‘Crash Landing’
The author has long been an outspoken opponent of fiat currencies like the U.S. dollar, which he has previously called “fake money” that will hasten the “end of the American Empire.”
Robert Kiyosaki. Image: Medium
Given the recent failure of three large U.S. banks – Signature Bank, Silicon Valley Bank, and Silvergate Bank – he has restated his earlier warnings of an impending “crash landing” and urged everyone to buy more Bitcoin, gold, and silver as an alternative.
BAIL OUTS begin. More fake money to invade sick economy. Still recommend same response. Buy more G, S, BC. Take care. Crash landing ahead.
— Robert Kiyosaki (@theRealKiyosaki) March 13, 2023
More ‘Fake Money’ To Invade ‘Sick Economy?’
To be more specific, Kiyosaki predicted in a Twitter post that “more fake money” would “invade sick economy” as bailouts were initiated in reaction to the huge crisis in the financial industry.
The author has been a vocal supporter of cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Kiyosaki believes that cryptocurrencies have the potential to challenge traditional banking systems and provide a decentralized alternative to fiat currency.
Kiyosaki has spoken positively about Bitcoin and other cryptocurrencies in several interviews and tweets, and he has advised his followers to invest in them as a way to hedge against inflation and diversify their portfolios. He has also warned his followers about the dangers of relying too heavily on fiat currencies and the need to diversify their investments.
Kiyosaki Predicts Next Bank To Collapse
It’s worth noting that Kiyosaki predicted the 2008 Lehman Brothers’ collapse. Monday on “Cavuto: Coast to Coast,” the analyst revealed which bank he believes will be the next to fail amidst the recent spate of bank failures.
“The problem is the bond market, and my prediction, I called Lehman Brothers years ago, and I think the next bank to go is Credit Suisse,” he warned.
Kiyosaki went on to describe how the bond market, the economy’s “biggest problem,” will cause major problems for the United States, as he anticipates the American dollar to fall, claiming that the dollar is “losing its homogeny in the world.”
BTCUSD slowly approaches the $25K mark, now trading at $24,707 on the daily chart | Chart: TradingView.com
In addition, he raised concern regarding pension plans and individual retirement accounts (IRAs) in the current market situation, noting that the U.S. public will be worst hit by bank bailouts.
In a joint statement, the U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation announced SVB’s closure.
The regulators stated that SVB customers will have access to their funds beginning Monday at no cost to the American taxpayer.
At the time of writing, Bitcoin was trading at $24,813, up 12% in the last 24 hours, data from crypto market tracker Coingecko shows.
-Featured image from Department for Transport/BBC