Best-selling author Robert Kiyosaki warns of a deep economic recession now that federal regulators have seized two failed US banks.
The author of Rich Dad Poor Dad says his 2.3 million followers on Twitter that as the Federal Reserve moves to make full depositors into Silicon Valley Bank and Signature Bank, investors should allocate Bitcoin (BTC, gold and silver).
“The rescues begin. More counterfeit money to invade sick economy. I still recommend the same answer. Buy more G (Gold), S (Silver) and BC (Bitcoin). Take care. Crash landing ahead.
Kiyosaki is warning more banks may fail, and draws a comparison between what’s happening now and the 2008 financial crisis when banking giant Lehman Brothers collapsed and filed for bankruptcy.
“Two big banks have crashed. #3 ready to go. BUY real gold and silver coins now. No ETFs. When bank #3 turns gold and silver, it goes up like a rocket. 2008 I predicted the collapse of Lehman days before it collapsed on CNN.”
Kiyosaki said earlier this month that investors were not paying enough attention to silver and the precious metal was trading well below its fair value.
Kiyosaki said he agreed with the statement by Andy Schectman, president of precious metals investment firm Miles Franklin, that silver is the most undervalued asset in a generation.
He also said traditional investment methods are not likely to protect people’s wealth from the financial collapse he predicts will occur.
“For years I’ve been saying, ‘Saving money and investing in a well-diversified portfolio of stocks, bonds, mutual funds, and exchange-traded funds is risky advice.’ Today, [it’s still] very risky advice. I still believe that gold, silver, and Bitcoin are better for shaky times, even though prices will go up and down. Take care.”
Bitcoin is trading at $24,072 at the time of writing.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.
Featured image: Shutterstock/Alberto Andrei Rosu/PurpleRender
