Robert Kiyosaki, a Japanese-American businessman and author of Rich Dad, Poor Dad, has warned that the economy of the United States is moving towards an adverse state and suggested people buy gold, silver, and Bitcoin.
The statement from Kiyosaki comes at a time when the Federal Reserve said that it expected a soft landing for the economy as inflation shows signs of declining and the growth rate is gradually rising.
Banking Crisis in the US
Kiyosaki’s apprehensions extend to an imminent banking crisis in the United States, challenging the optimism around a soft economic landing. He stated that people should not rely on the soft landing for the US economy for an improvement in global economic conditions, despite 2024 being an election year.
In a post on social media platform X, Kiyosaki compared the current situation of US investors with the US Navy Flight School, where “student pilots learn how to fly and how to crash their plane.” He added that people “do not know what to do with their money as banks fail and world economy crashes.”
The famous author and investor strongly believes that additional bank failures will soon be witnessed in the country. It is important to note that the shares of New York Community Bankcorp (NYCB) dropped from $10.5 on January 9 to $4.1 on February 9.
As per a report from the Wall Street Journal (WSJ), Moody’s Investors Service cut the bank’s credit rating two notches to junk late Tuesday while citing “financial, risk-management and governance challenges.” After the rating was announced, the stock of the bank fell 15%, the report noted.
On the other hand, Arthur Hayes, the CEO of BitMEX, predicted that the banking firm would likely go “bankrupt” in the near future.
Kiyosaki: Buy Bitcoin
Kiyosaki has been a huge supporter of Bitcoin, gold, and silver. Earlier in January, the businessman emphasized that the Fed will destroy the economy of the United States by raising interest rates and asked people to invest in “REAL MONEY” like gold, silver, and bitcoin.
“Financial losers will lose money because they do not know what to with their money as banks fail and world economy crashes. 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.”
Notably, back in March 2023, Kiyosaki stated that the US is bankrupt and added that the debt situation in the US surpasses the commonly acknowledged amount of $31.4 trillion.
“Since the start of the latest NFL football season the national debt has gone up another $ trillion. WTF. Please buy more gold, silver, and bitcoin,” he said.
Kiyosaki is bullish when it comes to the future of Bitcoin. The self-proclaimed “billionaire in debt” stated that the price of bitcoin could skyrocket to $150,000 with the approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States.
He highlighted on January 10:
“I will be buying more gold, silver, & Bitcoin with fake dollars.”
The entrepreneur’s warnings reflect a broader sentiment of growing concern among investors regarding the continuation of banking crisis, the stability of traditional financial institutions and a subsequent surge in interest in decentralized and non-traditional assets.