Renowned author of the book Rich Dad, Poor Dad, Robert Kiyosaki, has advised everyone to invest in digital currencies and precious metals before the banking sector crisis begins. This week, billionaire investor Warren Buffett purchased gold mining stocks by dumping US bank stocks of JP Morgan Chase, Wells Fargo. Previously as well, Warren has sold the share of financial corporations, like in May this year, he sold a significant portion of its stake in Goldman Sachs Group Inc., despite being a major shareholder in the bank at one time.
Billionaires outlook moving towards Cryptocurrency Investment
The most likely reason for dumping these bank stocks by millionaires and billionaires is because banks are on the verge of getting bankrupt if the pandemic situation stays the same or if it becomes even worse. According to Kiyosaki, investing in gold, silver, Bitcoin is a must since all these assets will outlive the US dollar.
Although Robert acknowledged that he owns Bitcoin and Ethereum, the author has described the dollar as a scam that will be toast in the future because of digital currencies. And he’s advocating young people to invest in both Bitcoin and Gold.
In July, he noted that Bitcoin and digital assets make people more prosperous and smarter. According to him, these assets would help Americans fight against the “corrupt Fed” since cryptocurrency also helps educate millennials.