Bitcoin (BTC) is an essential investment as the world is about to face a “major banking crisis”, warned popular author Robert Kiyosaki.
In an August 21 tweet, the author of “Rich Dad Poor Dad” told his followers that there was no time to “think” about investing in safe havens.
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“The great banking crisis is fast approaching”
The reason, he said, was that Warren Buffett had chosen to get rid of the bank’s stock.
“WHY BUFFETT IS OUT OF THE BANKS. The banks are bankrupt. The great banking crisis is fast approaching,” he wrote.
“Will the Federal Reserve and the Treasury take over the banking system? Will ‘counterfeit helicopter money’, the Fed and the Treasury direct to the people prevent mass riots? This is not the time to ‘think about it’. How much gold, silver, Bitcoin do you have?
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Kiyosaki is a well-known supporter of Bitcoin, who often advises the public to buy and actively worries about the downward trajectory of the currency.
The coronavirus crisis has only exacerbated his calls to get out of dependence on fiat money, in line with several Bitcoin advocates who fear that the coronavirus responses by governments have already almost completely condemned inflated paper money.
In the period since March, when macroeconomic assets collapsed en masse, both Bitcoin and the precious metals have experienced huge gains, driven by the U.S. dollar currency index, which has reached its lowest level in two years.
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August is seeing new concerns about the state of the world economy. In the United States, the Federal Reserve’s balance sheet, which had previously fallen below USD 7 trillion, is now back above that level, a sign of continued central bank intervention in traditional markets.
The S&P 500 reached record highs this week, despite the uncertainty associated with the coronavirus and its financial impact on the average American.
Meanwhile, institutions continue to focus increasingly on Bitcoin Revolution as an opportunity. After MicroStrategy’s purchase of $250 million in late July, open interest in Bitcoin futures reached an all-time high of $250 million this week.