Key Points
- Robert Kiyosaki, author of “Rich Dad Poor Dad”, warns about an impending banking crisis and recommends Bitcoin as a safety measure.
- Kiyosaki suggests Bitcoin, gold, and silver as safe assets during an economic crash.
- Concerns about the stability of the regional banking sector in the US have significantly increased after major losses from New York Community Bancorp.
- BitMex Co-founder Arthur Hayes predicts bankruptcy for NYCB’s future and suggests Bitcoin’s price could reach $1 million.
- Ark Invest CEO Cathie Wood believes that Bitcoin will surpass gold in the future.
- Bitcoin has had a bullish run throughout the first month of 2024, with a 4.2% surge in the last 24 hours.
Robert Kiyosaki, the author of “Rich Dad Poor Dad”, has recently expressed concern about the possible banking crisis in the US. He has recommended Bitcoin as a safety measure for investors.
Kiyosaki, who has a following of 2.5 million people on Twitter, has warned about turbulent times ahead for the banking system and world economies. He compared the current financial system to the US Navy Flight School, where student pilots learn how to land under turbulent conditions.
However, he believes that inexperienced investors, who he refers to as “financial losers”, often don’t know what steps to take after a banking collapse and subsequent economic crash. He tweeted about this, advising investors to “bailout” as he predicted that a soft landing was not on the horizon.
Bitcoin, A Parachute For The Banking Crashlanding?
Kiyosaki reiterated his position on the assets he believes serve as a shield in an economic crash. He named Bitcoin, gold, and silver as “parachutes for your soft landing.” His warning came after recent concerns of a repeat of the 2023 regional banking crisis.
Almost a year ago, Silvergate, Silicon Valley, and Signatures caused havoc in the banking sector after their collapses, which led to economic turmoil in the US. Now, concerns about the stability of the regional banking sector in the US have significantly increased after the recent reports of major losses from New York Community Bancorp (NYCB) in the last quarter of 2023.
A Shield Stronger Than Gold
Other prominent figures in the financial sector have recently spoken about the looming banking collapse and have given investors options to shield themselves from an economic crisis. BitMex Co-founder Arthur Hayes directly commented on the NYCB news, forecasting impending bankruptcy for NYCB’s future.
Hayes also suggested that Bitcoin’s price could reach $1 million, reaffirming his trust in the digital asset. Ark Invest CEO Cathie Wood also commented on the situation, stating that the idea that Bitcoin is a “flight to safety” is reasserting now that the spot Bitcoin Exchange-Traded Funds (ETF) have been approved by the US Securities and Exchange Commission (SEC).
Wood also shared her belief that the digital asset will surpass gold in the future. Bitcoin has had an overall bullish run throughout the first month of 2024. The approval of spot Bitcoin ETFs by the US SEC fueled the bullish sentiment as the crypto-based investment products launched.
However, the outflows from the Grayscale Bitcoin ETF (GBTC) raised momentary concerns and drove the price under the $40,000 price range. Since then, the price has steadily been rising above, and BTC has gained 6% in the last 7 days. At the time of writing, BTC is trading at $44,764.5, a 4.2% surge in the last 24 hours.