Robert Kiyosaki – an American businessman, investor, and motivational speaker better known as the author of the bestseller “Rich Dad, Poor Dad” – thinks the current crisis in the banking sector will intensify. As such, he advised investors to focus on bitcoin, gold, and silver, arguing those assets could save them amid the potential turbulence.
BTC has quickly regained ground after plunging significantly on the news of Silicon Valley Bank’s collapse. Despite the ongoing uncertainty in the monetary system, it crossed the $22K mark, causing many to believe it will soon start a new bull run. Arthur Hayes seems to be a proponent of this thesis.
Same Advice
In a recent post on Twitter, Kiyosaki said the current crisis will prompt central banks to print more “fake money” as a response. In his view, the move will not erase the issue but “invade sick economy.” He encouraged investors to purchase more bitcoin, gold, and silver to overcome such a catastrophe.
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
The most recent mass printing of fiat occurred shortly after the COVID-19 outbreak. Back then, numerous central banking institutions, including the US Federal Reserve, stimulated the shuttered economy with trillions of freshly-printed dollars. While the policy had its short-term positive effect, it (among other factors) created record inflation in many countries.
The rate in the USA surpassed 9% last summer (a figure last seen in 1981). Prior to reaching that peak, Kiyosaki urged consumers to avert from saving dollars and instead accumulate “God’s money” – gold – or “people’s money” – bitcoin.
It is worth noting that the American, who was among the few to predict the 2008 financial collapse, recently forecasted another “giant” market crash. In his view, the potential tumult could push bitcoin’s price toward $500,000 in the next three years, while the yellow metal could reach $5,000.
Bull Market on the Horizon?
Bitcoin’s optimistic performance (on the background of the current monetary disturbance) caused some to argue that the crypto winter is over. Arthur Hayes – Co-Founder of BitMEX – asked his more than 340,000 followers on Twitter whether they are ready for a bull market.
Several months ago, he opined that the negative trend in the cryptocurrency sector will change once Hong Kong and China open their arms to the industry. The special administrative region has recently emerged as a blockchain hub, with Huobi applying for a trading license.
Some media outlets hinted that Hong Kong’s push towards crypto could have received quiet support from mainland China. Recall that all types of digital asset activities were banned in the world’s most populous country in 2021.
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