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‘Rich Dad’ R. Kiyosaki advises buying Bitcoin as banks ‘went woke and went broke’

‘Rich Dad’ R. Kiyosaki advises buying Bitcoin as banks ‘went woke and went broke’

As the New York-based Signature Bank became the third banking giant to close after Silicon Valley Bank (SVB) and Silvergate, right after Robert Kiyosaki had predicted another collapse, the author has more bleak warnings and has once again advised buying his staple of Bitcoin (BTC), gold, and silver.

Indeed, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ said the above banks “went WOKE and went BROKE,” that the crash and crisis were “just starting,” and that “pensions, IRAs [individual retirement accounts], 401k went WOKE going broke,” reiterating his advice to “buy more G, S, BC [gold, silver, Bitcoin],” in a tweet posted on March 15.

With this tweet, Kiyosaki was making a connection between the financial crisis and the so-called ‘woke’ culture, which typically refers to being “aware of and actively attentive to important societal facts and issues (especially issues of racial and social justice),” but is also used by right-wing politicians to criticize the politically liberal stance they consider unreasonable or extreme.

End of capitalism?

More recently, the author also warned about the upcoming “end of capitalism,” as he referred to the United States Senate testimony by Treasury Secretary Janet Yellen regarding the 2024 budget and her reply to Oklahoma Senator James Lankford in terms of the application of uninsured deposit thresholds in making the depositors whole.

“Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now? (…) Will they get the same treatment that SVB just got, or Signature Bank just got?” the Senator asked.

Yellen admitted that not all depositors would be protected over the FDIC insurance limits of $250,000 per account and that government refunds of uninsured deposits would not be extended to every bank that fails but only to those that pose a systemic risk to the financial system.

“A bank only gets that treatment if a majority of the FDIC board, a supermajority of the Fed board, and I, in consultation with the President, determine that the failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences.”

As Lankford highlighted, this means that small community banks would become less appealing to depositors with more than $250,000 as a direct result of applying these standards and thresholds first introduced (and extended) following the 2008 financial crisis.

Meanwhile, Kiyosaki has warned that “more fake money” in the form of the U.S. dollar would “invade sick economy” as the government bailouts begin in response to the recent crisis, as well as criticizing President Joe Biden over claims that this rescue strategy for the banks would not damage American taxpayers.

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