Robert Kiyosaki, author of the popular finance book ‘Rich Dad Poor Dad’, expects more banks to fail. Kiyosaki also recommends some investment tools for investors to seek shelter during the downturn. Among them is Bitcoin.
More banks will go bankrupt than Robert Kiyosaki!
As you can follow on Kriptokoin.com, the Federal Reserve kept interest rates constant at its last meeting. Speaking after the decision, Fed Chairman Jerome Powell promised not to raise interest rates. Despite this, the finance guru Robert Kiyosaki, who supports Bitcoin, says that inflation is not over. A number of major US banks have recently gone bankrupt. However, Kiyosaki expects more banks to fail soon. In this context, he names a particular bank that is said to be in a weak position at the moment. Kiyosaki makes him a candidate for the next collapse.
Kiyosaki believes that candidate is LoanDepot, the mortgage company that is now “said to be in the loop.” This company was founded in California in 2009 as a non-bank holding company famous for selling mortgage and non-mortgage loan products. Kiyosaki alludes to the 2008-2009 mortgage market crisis in his tweet. In this context, he reminds that regional banks and mortgage companies are in decline. He warns his followers to be careful and not to rely on positive public statements by Fed Chairman Jerome Powell or Treasury Secretary Janet Yellen.
Several major banks closed in March, including Silicon Valley Bank, Silvergate Bank and Signature Bank. These were all “crypto-friendly” banks. Also, they were working not only with crypto exchanges but also with Blockchain companies like Ripple Labs (Signature Bank). The price of Bitcoin rose on the news that these banks failed.
Kiyosaki urges to buy Bitcoin, gold and silver
A week ago, Robert Kiyosaki said that the mortgage crisis that caused the GFC (global financial crisis) in 2008 was “nothing” and he expected the “biggest real estate crash ever” to happen. Kiyosaki expects the office buildings market in particular to suffer. Therefore, Kiyosaki urges his followers to buy more Bitcoin, silver and gold. He states that these are all safe-haven assets.
Bitcoin will reach $500,000, according to Kiyosaki
In a tweet earlier this year, Robert Kiyosaki shared his expectation that Bitcoin will rise to $ 500,000 by 2025. He cited the Federal Reserve’s nonstop printing of money as the main reason for this. However, he later lowered his estimate from $500,000 to $100,000. During this summer, BTC was trading at $25,457, up 2.2% on a daily basis. However, the coin sank below $25,000 after Jerome Powell’s statements yesterday. Therefore, this rise also has the effect of yesterday’s collapse.
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