By
Godfrey Benjamin
May 8th, 2024
The author of ‘Rich Dad, Poor Dad’ Robert Kiyosaki said in a recent tweet that the situation with banks account the world is concerning and that investors need to be prepared.
Among the many uses of cryptocurrency is offering a respite during times of economic issues. This has seen many people save their wealth in the form of digital assets, and this shows no signs of stopping soon. Just recently, Bitcoin received an impressive co-sign from Robert Kiyosaki, the author of the iconic ‘Rich Dad, Poor Dad’ books. According to Kiyosaki, Bitcoin acts as a parachute that investors can leverage, given the current state of banks.
Kiyosaki Speaks on Bank Situation
This latest statement was made in a February 8, 2024, tweet where Kiyosaki implied that banks around the world are on the brink of failure. He referenced bailouts, which allegedly speak to an impending financial collapse, as well as the fact that many investors do not know how to take advantage of bad situations.
“BAIL OUT, BAIL OUT, BAIL OUT: In US Navy Flight School, student pilots learn how to fly and how to crash their plane. Financial losers will lose money because they do not know what to do with their money as banks fail and world economy crashes,” he said.
This comes as the Federal Department Insurance Commission revealed in 2023 that the number of unrealized losses by US banks has risen to $684 billion in Q3 alone. This points to possible financial trouble which, historically, would require a bailout.
He also mentioned how, in light of this, investors need to put their money into assets that can withstand the issues facing banks. He noted several of these, including gold, silver, and, of course, Bitcoin.
“For many years, I have warned, “Buy Gold, Silver, Bitcoin.” We are not going in for a soft landing. Unfortunately, the world of fake money is crashing, and gold, silver, & Bitcoin are parachutes for your personal soft landing,” he said.
It is ironic that Bitcoin finds itself in the conversation as, famously, its creator was critical of banks. In the Genesis block of the Bitcoin network, there is a reference to a bank bailout. The Genesis block was also published in the aftermath of the 2008 global financial collapse that saw banks all over the world receive bailouts while everyday people struggled financially.
Bitcoin has been seen as an alternative to the financial system, and now that another collapse might be imminent, Kiyosaki has advised investors to put their money into it. There has already been an observed correlation between inflation and other economic troubles and people turning their attention towards digital assets.
In the past, assets like gold and silver were seen as ‘legacy’ purchases that would always hold their value. And now, as Kiyosaki sees it, Bitcoin is also in the mix.