The world will be shaken, and as far as banks are concerns, they would be expected to experience that.
As this bank crisis looms, cryptocurrency like bitcoin will be an ”essential investment”.
This idea is endorsed by the American businessman and author, Robert Kiyosaki, in a tweet. He said that there is no time left to think twice for such investments as “major crisis is coming fast.”
According to him as well, the changes coming are brought upon by Warren Buffett choosing to dump bank stocks.
The author of the Rich Dad, Poor Dad, also added that “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?”
An outspoken patron of BTC, Kiyosaki frequently gives recommendations to everyone to buy and actively concern itself with the bear market trajectory of fiat currency.
With the current pandemic aka coronavirus crisis, his call has only emphasized to exit dependency on fiat.
This is in line with various Bitcoin proponents who dread that coronavirus responses by governments have all but doomed already inflated paper money.
Since March, when macro assets stopped en masse, both Bitcoin and precious metals have seen an unbelievable increase, powered by the U.S. dollar currency index which had hits bottom in the last two years.
However, August is welcoming some new worries over the state of the world economy.
The U.S. Federal Reserve’s balance sheet is now backed at a reasonable level after going below $7 trillion. According to experts, this is a manifestation of a central bank’s continued intervention in traditional markets.
In an interview, a market commentator Holder Zchaepitz said “Fed balance sheet back, giving investors the green light for further stock mkt gains as S&P 500 P/E trades in tandem w/ Fed balance sheet,”
In the meantime, other institutions are unfazed on looking on Bitcoin as an opportunity. With the MicroStrategy’s $250 million worth of buy-in in late July, Bitcoin has an all-time high of $5 billion.