Bitcoin dropped as low as $33,064 but could fall further because of the negativity that permeates the markets.
Robert Kiyosaki (an American businessman, author, and investor) is not concerned by the Bitcoin market’s recent decline. He called bitcoin’s drop “great news” and promised to increase his exposure to the commodity if its USD value fell below $20,000.
Kiyosaki: Price Drops as Buying Point
Kiyosaki is a 74 year-old expert who believes bitcoin is a way to hedge against financial instability and inflation. Kiyosaki also believes the first cryptocurrency can be used to educate. He stated in the summer of 2020 that BTC, along with gold and silver, “make people smarter, richer, and stronger against the Fed.”
Popular author is vocal advocate of cryptocurrency. This statement was made Monday, as bulls tried to maintain prices above $34,000.
However, Bitcoin has dropped to intraday lows of $33,600, capping up a dismal week in which the flagship cryptocurrency’s value fell below crucial support levels of $40,000 and $37,300.
WOW! Words of Wisdom “Your profits are made when you buy, not when you sell.” Price of Bitcoin crashing. This is great news. BC cost $6K and $9K respectively. BC will be worth $20k. I plan to buy more. The time is now to be rich. Today’s best deal on silver Still 50% off the high price of silver
— therealkiyosaki (@theRealKiyosaki) January 24, 2022
According to Kiyosaki, a new slump that exacerbates the losses will be “great news.” According to him, this presents a buy-the-dip opportunity, which he intends to take advantage of.
Rich Global LLC, a US-based businessman and founder claimed that he bought Bitcoin twice before. Once when the price was $6,000, then again at $9,000.
BTC/USD: $33k TradingView
Kiyosaki had predicted that Bitcoin would hit $75,000 in May 2020. However, this goal was shattered when Bitcoin’s prices topped $69,000.
Bitcoin was recently mentioned by the author. “people’s money,” while gold was dubbed “God’s money.”
Already, the investor expressed doubts about traditional banks and predicted a US currency meltdown. According to him, the monetary troubles generated by the Fed’s COVID-19 countermeasures have rendered the American national currency “fake dollars.” He urged individuals not to store money since their savings would be devalued during a recession. To protect their wealth, they should instead focus on gold and bitcoin.
He also forecasted the 2008 Financial Crisis and questioned the US government’s countermeasures.
“|“Buy Bitcoin”: Robert Kiyosaki Foresees A New Depression
This sentiment is not shared only by Kiyosaki
Bitcoin’s price has dropped by more than half from its all-time high in November, prompting some to speculate that the crypto bubble has burst. However, according to Perianne Boring, creator of Digital Chamber, “volatility is not always a bad thing.”
Then she continued on with, ” CNBC’s “Squawk Box”:
“It’s normal to see 30-50% volatility in the crypto markets in any given month. Markets are performing as expected.”
In her view, Bitcoin price will likely rebound higher given the cryptocurrency’s fundamentals “are as strong as ever.”
It isn’t the first time Kiyosaki takes aim at fiat currencies and the US dollar. He stated that financial services would see significant change by 2040, as he did so a few years prior.
He predicted that gold will continue to play an active role because it has been present “for eternity.” He, on the other hand, had a different take on the dollar:
“Will the dollar be here? I don’t think so. It is dead because cyber currencies, gold and silver, will take out the dollar.
It is a fraud to use the U.S. Dollar. The dollar is coming to an end, according to me. That’s what I’m saying.”
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