Rich Dad Poor Dad Author Doubles Down on Bitcoin Amid Fears of Bank “Crisis”
On a global scale, few actually own Bitcoin. According to Robert Kiyosaki, the author “Rich Dad Poor Dad,” though, everyone should own the cryptocurrency ahead of the coming “banking crisis.”
This comment is in line with the sentiment of an impending collapse in banking and in the fiat currency system that Kiyosaki has extensively shared since the pandemic began.
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Robert Kiyosaki Continues to Tout Bitcoin Amid Fears of “Banking Crisis”
Months ago, the tweets of financial educator and entrepreneur Robert Kiyosaki began to gain traction within Crypto Twitter.
Seemingly due to the pandemic, Kiyosaki began to fear that a collapse of the institutions that run the economy is entirely possible. And according to him, owning gold, silver, and some Bitcoin is a smart way to hedge risks against this collapse.
On August 20th, he doubled down on this sentiment when he tweeted:
“WHY BUFFET is OUT OF BANKS . Banks bankrupt. MAJOR BANKING CRISIS COMING FAST. Fed & Treasury to take over banking system? Fed and Treasury “helicopter fake money” direct to people to avoid mass rioting? Not a time to “Think about it.” How much gold, silver, Bitcoin do you have?”
WHY BUFFET is OUT OF BANKS . Banks bankrupt. MAJOR BANKING CRISIS COMING FAST. Fed & Treasury to take over banking system? Fed and Treasury “helicopter fake money” direct to people to avoid mass rioting? Not a time to “Think about it.” How much gold, silver, Bitcoin do you have?
— therealkiyosaki (@theRealKiyosaki) August 21, 2020
Kiyosaki added that along with a collapse in the banking sector, he is also expecting a secondary drop in the stock market that will be “bigger than March 2020,” when the S&P 500 plunged by approximately 40%.
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The Fundamentals For Bitcoin Have Never Been Better
Although it isn’t clear if Kiyosaki’s fears are valid, many analysts agree that owning BTC is more logical than ever due to stronger fundamentals than ever.
Real Vision chief executive Raoul Pal, who is a Wall Street veteran, said that all trades may be inferior to Bitcoin due to charts and fundamentals:
“In fact, only one asset has offset the growth of the G4 balance sheet. Its not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon: Yup, Bitcoin. My conviction levels in bitcoin rise every day. Im already irresponsibly long. I am now thinking it may not be even worth owning any other asset as a long-term asset allocation, but that’s a story for another day (I’m still thinking through this).”
Pal added that he is “irresponsibly long” on the leading cryptocurrency.
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