Robert Kiyosaki, the author of the bestselling book Rich Dad Poor Dad, has told his followers on social media buying bitcoin, gold and silver are essential investments ahead of an upcoming “major banking crisis.”
Via the microblogging platform Twitter, the author of the bestselling book told his followers there was no time to “think about” investing in safe havens like precious metals or the flagship cryptocurrency, and instead warned them there was a reason legendary investor Warren Buffett dumped bank stocks.
Exchange Commission (SEC) for Q2 2020 that his firm Berkshire Hathaway dumped bank stocks and invested in Barrick Gold (NASDAQ: GOLD), a gold miner, even though the legendary investor has always derided investing in the precious metal.
Kiyosaki is notably a well-known bitcoin supporter, who has frequently advised his followers on social media that the Federal Reserve’s money-printing plan to support the economy against the coronavirus-induced crash could backfire in the form of inflation.
Earlier this month, the author of Rich Dad, Poor Dad even called bitcoin the “fastest horse” in a race against gold and silver’s performance, suggesting the cryptocurrency will outperform both precious metals. His warnings against relying on the stock market’s growth have hit some, as the Federal Reserve’s balance sheet is now close to $7 trillion, up from $2 trillion in early 2009.
Indeed, market commentator Holger Zschaepitz commented the Federal Reserve’s balance sheet growing is giving investors the “green light for further stock mkt gains.”
This week the U.S. stock market’s benchmark index, the S&P 500, hit a new all-time high. The stock market’s performance, coupled with ultra-low yields and the Federal Reserve’s money-printing has some worried an economic collapse could come in the near future.
Featured image via Pixabay.