Robert Kiyosaki, author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has issued another gloomy outlook for the global economy, which he maintains is on the verge of collapsing.
According to the author, the possible economic collapse is likely to affect banks and savings while pointing out that investors need to prepare for the fallout, he said in a tweet on March 1.
The financial educator recommended investment in precious metals, specifically focusing on silver.
“World economy on verge of collapse. Runs on banks next? Savings frozen? Bail-INs next? I make no money when you to buy REAL silver coins. I simply want you prepared for what is coming. You can buy a real silver coin for about $25.” he said.
With Kiyosaki foreseeing possible runs on banks, it is worth noting that players in the sector are looking for possible solutions. As reported by Finbold, Bank of England (BoE) Deputy Governor Jon Cunliffe suggested that a digital pound is likely to protect banks against runs.
Kiyosaki’s gloomy economic outlook
As the global economy faces soaring inflation, the author has maintained that a crash is coming while advocating for venturing into gold and Bitcoin (BTC) to prepare for the financial crisis.
Earlier, Kiyosaki expressed concerns that the rising inflation would “wipe out 50% of the U.S. population,” while the crashing stock market might make it challenging to repay retirement plans and pensions.
In a recent Finbold report, Kiyosaki also warned ‘starvation is coming,’ a factor likely to result in social unrest and hence the need for preparations.
Amid the possible financial crisis, the author blamed the Federal Reserve for printing what he termed as ‘fake money’ while raising the alarm of a ‘giant crash.’ In January, the renowned investor cautioned of a potentially rough landing for the world, which may result from soaring unemployment, bankruptcy, and homelessness.
Bullish on Bitcoin
Despite the gloomy economic outlook, he considers holding Bitcoin alongside gold and silver to protect against possible market downturns. Kiyosaki has recently hailed Bitcoin as one of the three ‘hottest subjects on earth’ alongside silver and gold. Kiyosaki refers to Bitcoin as ‘people’s money’ and attributes its bullish rally earlier this year to the growing demand for alternative investment products.
The best-selling author has maintained that Bitcoin will likely grow, backed by regulatory factors. In his view, the United States Securities Exchange Commission (SEC) will try to eliminate other cryptocurrencies besides Bitcoin since they are considered securities.
Featured image via Ben Shapiro’s YouTube.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.