Best-selling author Robert Kiyosaki is warning of a deep economic recession now that federal regulators have taken over two collapsed US banks.
The Rich Dad Poor Dad author tells his 2.3 million Twitter followers that as the Fed moves to make whole depositors at Silicon Valley Bank and Signature Bank, investors should be allocating to Bitcoin (BTC, gold and silver.
“BAIL OUTS begin. More fake money to invade sick economy. Still recommend same response. Buy more G (Gold), S (Silver), and BC (Bitcoin). Take care. Crash landing ahead.”
Kiyosaki is warning more banks may fall, and draws a comparison between what is happening now and the financial crisis of 2008 when banking giant Lehman Brothers collapsed and filed for bankruptcy.
“Two Major Banks have crashed. #3 set to go. BUY real gold and silver coins now. No ETFs. When Bank #3 goes gold and silver rocket up. 2008 I forecasted collapse of Lehman days before it crashed on CNN.”
Kiyosaki said earlier this month that investors were not paying enough attention to silver, and that the precious metal was trading far below its fair value.
Kiyosaki said he agreed with the statement from Andy Schectman, the president of precious metals investment firm Miles Franklin, that silver is the most undervalued asset in a generation.
He also said that traditional investment methods are not likely to protect people’s wealth from the financial collapse that he predicts will occur.
“For years I have been saying, ‘Saving money and investing in a well-diversified portfolio of stocks, bonds, mutual funds and exchange-traded funds is risky advice.’ Today, [it’s still] very risky advice. I still believe gold, silver, Bitcoin best for unstable times, although prices will go up and down. Take care.”
Bitcoin is trading for $24,072 at time of writing.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Featured Image: Shutterstock/Alberto Andrei Rosu/PurpleRender
