Amid continuous warnings from finance experts and prominent investors alike on the bleak state of the economy in the United States, along with predictions of its even bleaker future, recent data has shown that the bankruptcy filings in the country are reminiscent of the previous crises.
As it happens, the amount of filings for bankruptcy protection in the US has recently reached “dangerous levels,” similar to those during the Great Recession in 2008 and the beginning of the COVID-19 pandemic in 2020, according to the information shared by user WhaleWire in an X post on September 24.
According to the expert’s findings, such levels typically indicate a massive crisis in preparation, including a possible crash of the stock market, as similar situations have happened before, both in 2008 and 2020. Specifically:
“This indicator often suggests that the economy isn’t performing well, and has historically always been followed by massive stock market crashes.”
‘End of American Empire’?
Meanwhile, one of the prominent investors sounding the alarm on the US economy is Robert Kiyosaki, who has warned of the impending “end of the American Empire” through the demise of the US dollar, which, in his view, is no longer going to be the reserve currency of the world.
As a way to protect oneself against the looming economic downfall, the author of the best-selling personal finance book ‘Rich Dad Poor Dad’ has long recommended investing in alternative assets like cryptocurrencies, particularly Bitcoin (BTC), arguing that “crypto is the future” in the world where fiat money is “fake.”
More recently, Kiyosaki advised his followers to buy Bitcoin today, not tomorrow, as the flagship decentralized finance (DeFi) asset, along with gold and silver, in his view, remains a relatively cheap investment at this point in time, as Finbold reported. Indeed, Bitcoin was at press time trading at the price of $26,109, down 1.82% on the day and 2.24% across the week.
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