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On a global scale, few actually own Bitcoin (BTC).
According to Robert Kiyosaki, the author “Rich Dad Poor Dad,” though, everyone should own the cryptocurrency ahead of the coming “banking crisis.”
This comment is in line with the sentiment of an impending collapse in banking and in the fiat currency system that Kiyosaki has extensively shared since the pandemic began.
Months ago, the tweets of financial educator and entrepreneur Robert Kiyosaki began to gain traction within Crypto Twitter.
Seemingly due to the pandemic, Kiyosaki began to fear that a collapse of the institutions that run the economy is entirely possible.
And according to him, owning gold, silver, and some Bitcoin is a smart way to hedge risks against this collapse.
On August 20th, he doubled down on this sentiment when he tweeted:
“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?”
Kiyosaki added that along with a collapse in the banking sector, he is also expecting a secondary drop in the stock market that will be “bigger than March 2020,” when the S&P 500 plunged by approximately 40%.
Although it isn’t clear if Kiyosaki’s fears are valid, many analysts agree that owning BTC is more logical than ever due to stronger fundamentals than ever.
Real Vision chief executive Raoul Pal, who is a Wall Street veteran, said that all trades may be inferior to Bitcoin due to charts and fundamentals:
“In fact, only one asset has offset the growth of the G4 balance sheet. Its not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon: Yup, Bitcoin. My conviction levels in bitcoin rise every day. Im already irresponsibly long. I am now thinking it may not be even worth owning any other asset as a long-term asset allocation, but that’s a story for another day (I’m still thinking through this).”
In other trending Bitcoin News today:
Analyst Josh Rager Is Holding This Crypto Asset Until It Hits $100,000 – And It’s Not Bitcoin
Crypto analyst and trader Josh Rager says he’s holding onto one altcoin until it surges to $100,000.
Rager tells his 80,000 followers on Twitter that he believes YFI has a ton of room to grow, if he can resist the urge to take profits.
“Bought three YFI around $2,500. Sold two way too early… Could be close to $50,000 combined value right now. But kept one and not selling until over $100,000. Current high so far over $16,100.”
Rager points out that YFI has already surpassed Bitcoin (BTC) in terms of price and it did so in a relatively short period of time.
“I guess 1 YFI does equal 1 BTC… Imagine buying Bitcoin a month ago at $2,000 and it shooting up to its current $12,000 value. Everyone would die for that opportunity. Well YFI just did that.”
YFI is the governance token of decentralized finance (DeFi) protocol yearn.finance.
It is dubbed as an “automated yield aggregator” as the platform scours all other DeFi protocols, locks in the one that offers the best yields, and deposits the funds in that specific protocol.
The process allows users to farm protocols that generate the highest yields.
While YFI offers an attractive use case, there’s always a risk of massive devaluation.
Yield farming platform YAM witnessed its market cap soar to nearly $60 million on August 13th only to collapse to $0 in a matter of hours, according to CoinGecko.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.