‘Rich Dad Poor Dad’ Author Says It’s Important to Buy Bitcoin as ‘Crash and Crisis’ Just Begin

Read U.TODAY on

Google News

Investor, non-fiction author and entrepreneur Robert Kiyosaki, best known for his financial literacy book “Rich Dad, Poor Dad,” has taken to Twitter to make a new prediction about a coming 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, is very important right now.

“Banks woke up 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, trading with crypto exchanges, partnering with stablecoin issuers and storing some of the cash holdings of some crypto companies.

Ripple CEO Brad Garlinghouse recently admitted in a statement that Ripple held some of its cash holdings with Signature Bank. However, it was a very small part, and the bank’s collapse has not affected the day-to-day operations of Ripple.

The US government also promised to maintain access to SVB and Signature Bank customers to their balances and allow withdrawals without using taxpayers’ money. Kiyosaki then tweeted a sarcastic comment about it.

In today’s tweet, he stated that the “crash and crisis” is just beginning and that pensions, US corporate pension programs 401k and IRA (individual retirement accounts) woke up and are going broke now, as are the banks.

Kiyosaki ended his tweet with a traditional call to buy Bitcoin, physical gold and silver for users to hedge against risk during the current difficult period for the economy.

Bitcoin will reach $500,000, gold at $5,000 per Kiyosaki

Earlier this year, Kiyosaki tweeted that he expects BTC to rise to the astonishing level of $500,000, gold to reach $5,000 per ounce and silver to reach $500 by 2025. The main driver of this, he believes, is going to be the cumulative the effect of the US government printing “billions of fake dollars”.

The printing started back in 2020, when the pandemic broke out, lockdowns were implemented and the US government began supporting average citizens with “survival checks” worth $1,200 per adult. Banks and large businesses were supported with rescue operations.

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 several factors, including a positive February CPI report, which led economists to believe that the Federal Reserve is likely to begin tapering rate hikes on FOMC meeting in March.