Key Points
- Cryptocurrency, especially Bitcoin, is being adopted as a safe haven during economic crises.
- Robert Kiyosaki, author of ‘Rich Dad, Poor Dad,’ endorses Bitcoin as a ‘parachute’ for investors amidst banking issues.
- Kiyosaki predicts a potential financial collapse and suggests investing in assets like Bitcoin, gold, and silver.
- Bitcoin’s creator was famously critical of banks, and Bitcoin itself is seen as an alternative to the traditional financial system.
Bitcoin and other cryptocurrencies have emerged as a refuge during economic turmoil. This trend of safeguarding wealth in digital assets shows no signs of slowing down.
Robert Kiyosaki, the renowned author of the ‘Rich Dad, Poor Dad’ series, recently endorsed Bitcoin. He views it as a safety measure investors can utilize in light of the current banking situation.
Kiyosaki’s Views on the Banking Situation
In a tweet dated February 8, 2024, Kiyosaki suggested that global banks are teetering on the edge of failure. He pointed out the increasing need for bailouts, signaling a potential financial downfall and the lack of preparedness among many investors.
He used the analogy of flight school students learning to fly and crash their plane to illustrate the situation. He stated that financial losers would lose money because they don’t know how to manage their finances as banks fail and the world economy crashes.
These comments came after the Federal Department Insurance Commission revealed in 2023 that unrealized losses by US banks had reached $684 billion in Q3 alone. This indicates potential financial trouble, which traditionally would necessitate a bailout.
Kiyosaki also highlighted the need for investors to put their money into assets resilient to banking crises. He named a few of these assets, including gold, silver, and Bitcoin.
Kiyosaki has been advising for years to “Buy Gold, Silver, Bitcoin.” He believes that we are not heading for a soft landing. He asserts that the world of fake money is crashing, and gold, silver, and Bitcoin are personal safety measures.
Interestingly, Bitcoin’s creator was famously critical of banks. In the Genesis block of the Bitcoin network, there is a reference to a bank bailout. The Genesis block was published in the wake of the 2008 global financial collapse, during which banks worldwide received bailouts while ordinary people suffered financially.
Bitcoin has been perceived as an alternative to the conventional financial system. With another potential collapse looming, Kiyosaki encourages investors to invest in it. A correlation has been observed between inflation and other economic problems and the growing interest in digital assets.
Traditionally, assets like gold and silver have been considered ‘legacy’ purchases that retain their value. Now, according to Kiyosaki, Bitcoin joins this category.
