During the last months, the world economy has been affected by the Coronavirus crisis. Governments decided to help companies, banks and individuals by printing larger amounts of money. Although this could give the illusion that the crisis is not so hard, this will definitely have a negative effect on societies.
Robert Kiyosaki, the author of Rich Dad Poor Dad wrote a tweet in which he warns that a new banking crisis is coming fast. He has also asked people whether they own gold, silver and Bitcoin (BTC), the largest cryptocurrency in the world.
Robert Kiyosaki Considers We Should Own Bitcoin
Robert Kiyosaki wrote on Twitter that Warren Buffet is moving out of banks and investing in gold. This could be a sign of weakness for the whole banking industry and that a major banking crisis is “coming fast.”
Robert Kiyosaki wrote on Twitter:
“Why buffet is out of banks. Banks bankrupt. Major banking crisis coming fast. Fed & Treasury to take over banking system? Fed and Treasury “helicopter fake money” direct to people to avoid mass rioting? Not a time to “Think about it.” How much gold, silver, Bitcoin do you have?”
WHY BUFFET is OUT OF BANKS . Banks bankrupt. MAJOR BANKING CRISIS COMING FAST. Fed & Treasury to take over banking system? Fed and Treasury “helicopter fake money” direct to people to avoid mass rioting? Not a time to “Think about it.” How much gold, silver, Bitcoin do you have?
— therealkiyosaki (@theRealKiyosaki) August 21, 2020
The United States has also been printing money in order to face the current financial and economic crisis. U.S. citizens received checks of $1,200 and inflation is expected to move higher.
As soon as next week, Federal Reserve Chairman Jerome Powell will be delivering a speech titled “Monetary Policy Framework Review,” where he may talk about inflation targeting and inflation expectations in the economy.
Bitcoin and Gold have been growing in the past months and gold has surpassed $2,000. Bitcoin, instead, was able to move towards $12,000 and now it is being traded close to $11,500 after a small retraction from its local high reached last week. Now, gold has a price of $1,940 but it is still around 30% above the price it had during the COVID-19 crash in March this year.
Investors consider that precious metals and Bitcoin could play a very important role in the coming months as the crisis grows. Gold has always worked as a valuable asset during periods of crisis and economic uncertainty. It could also be a great opportunity for Bitcoin to show it can work as a valuable asset in difficult times for the economy.