Bitcoin (BTC) is a primary investment as the world faces a “major banking crisis,” famous author Robert Kiyosaki has warned.

In a tweet on August 21, the author of Rich Dad Poor Dad told followers that there is no time to consider investing in safe havens.

“The big banking crisis is coming fast”
He said the reason was that Warren Buffett decided to give up bank shares.

“WHY BUFFET OUTSIDE THE BANKS. Broken banks. “An important banking crisis is coming quickly.”

“The Fed and Treasury take charge of the banking system? The Fed and Treasury are” fake money by helicopter “direct to people in order to avoid mass riots? No time to think. How much gold, silver and bitcoin do you have?”

Kiyosaki, a well-known supporter of Bitcoin, often advises the public to buy and actively deal with the downtrend of the fiat currency.

The Coronavirus crisis has exacerbated his call to end reliance on fiat currencies, in line with many bitcoin backers who fear the government’s response to the Coronavirus, all of whom have nearly joked about already inflated paper money.

Meanwhile, since March, when overall assets collapsed en masse, both Bitcoin and precious metals have seen huge gains, with the US dollar currency index reaching its lowest level in two years.

US dollar currency index chart since March

US dollar currency index chart since March. Source: TradingView

Dollar weakness compared to fearsome stock market records
In August, new concerns emerged about the state of the global economy. In the US, the Federal Reserve’s balance sheet, which had previously fallen below $ 7 trillion, is now back above that level – a sign of continued central bank intervention in traditional markets.

“The Fed balance sheet returns> $ 7 billion, giving investors the green light to further gain stocks if the S&P 500 P / E is traded alongside the Fed’s balance sheet,” sums up market commentator Holger Schibbitz.

The S&P 500 reached record highs this week, despite the uncertainty associated with the coronavirus and its financial impact on the average American.

Meanwhile, organizations are increasingly focusing on Bitcoin as an opportunity. After buying MicroStrategy for $ 250 million in late July, open interest in Bitcoin futures reached an all-time high of $ 5 billion this week.

Source: CoinTelegraph

LEAVE A REPLY