Rich Dad, Poor Dad Author, Robert Kiyosaki, has advised investing in precious metals like gold and digital assets like Bitcoin as crisis looms in the banking sector.
Earlier this week, headlines on mainstream media revealed that American billionaire investor Warren Buffett dumped US bank stocks to purchase gold mining stocks.
Buffett Dumps Bank To Invest In Gold
Per the reports, the business tycoon slashed a bulk of Berkshire Hathaway’s holdings in some major Wall Street banks, including JP Morgan Chase, Wells Fargo, and PNC.
But that’s not the first time. In May, the conglomerate also said it reduced a large portion of its stake in Goldman Sachs Group Inc., despite being a major shareholder in the bank at one time.
Following the sales of the shares, which could amount to billions of dollars, Berkshire purchased stock worth nearly $564 million in Canada-based Barrick Gold, one of the world’s largest gold mining companies.
How Much Bitcoin Do You Have?
Advising his fans, Kiyosaki said Buffett’s decision to dump banks and move his investments into gold was because banks are bankrupt, and a major banking crisis is at hand.
“WHY BUFFET is OUT OF BANKS. Banks bankrupt. MAJOR BANKING CRISIS COMING FAST. Fed & Treasury to take over the banking system? Fed and Treasury ‘helicopter fake money’ direct to people to avoid mass rioting?” he wrote.
He continued saying that this is not a time to “think about it.” He then concluded his advice with the question, “How much gold, silver, Bitcoin do you have?”
A Bitcoin Proponent
For a long time now, Kiyosaki has been a Bitcoin advocate and always dishing out advice on his social media accounts, asking young people to invest in Bitcoin and Gold, as both assets will outlive the US dollar.
While admitting he owned some Bitcoin and Ethereum, the author described the dollar as a scam that is toast because of the existence of digital currencies.
In July, he noted that Bitcoin and digital assets not only making people richer but also smarter. According to him, these assets would help Americans fight against the “corrupt Fed” since cryptocurrency also helps educate millennials.