‘Rich Dad, Poor Dad’ Author, Crypto Lawyer, Sees Depression Coming, Says Fed Destroys Regional Banks

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

“Fed Kills Regional Banks”

Kiyosaki claims that the Federal Reserve is destroying regional banks across the United States via the repo market. These banks are “the heart and soul of the economy,” he added. Since the beginning of the year, about 10 banks in the United States have, including Silvergate, Silicon Valley Bank and Signature Bank.

Silvergate was closed, and the other two were bailed out by the US government. Yesterday news broke that the stock price of First Republic Bank plummeted, with tens of billions plunging into deposits, escalating the US banking crisis. The bank is now faced with the possibility of selling the assets.

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

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

This happened at the same time as rumors emerged that Mt. Gox and US government wallets moved large amounts of Bitcoin.

Kiyosaki stated that the banking crisis is also affects the Amazonian giant, which means that it cut employees by 18,000 jobs without credit flowing. “Is this intentional? Is a depression intentional?” asks the author of “Rich Dad Poor Dad” rhetorically. He believes the best idea now is for consumers to get USD out of regional banks.

Bitcoin heading towards $100,000, Kiyosaki believes

In a recent tweet, Kiyosaki hypothesized that Bitcoin is headed for $100,000, fueled by the aforementioned banking crisis and bank bailouts. In general, over the past three years, Kiyosaki has named excessive USD printing by the Fed as the main driver of BTC price appreciation in the near future. In 2020 alone, when the pandemic broke out, the US government and the Fed printed over $6 trillion out of thin air.

But before the forecast of $100,000 per Bitcoin, Kiyosaki said 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 non-fiction author tweeted that fund manager Steve Van Meter, for whom he has great respect, expects gold to plunge 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. Moreover, he considers gold and Bitcoin to be “real money”.