Best-selling author Robert Kiyosaki offered his followers a “Rich dad lesson” on Bitcoin. Via his official Twitter account, the writer made a distinction between “winners” and “losers” in the crypto market.
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At the time of writing, Bitcoin has lost major support as it broke below $20,000 and it’s currently trading at $18,900 with a 6% loss in the last 24 hours. Since reaching $69,000, the cryptocurrency lost 75% of its value.
At those levels, the Rich Dad Poor Dad author was a buyer and seemed more enthusiastic about BTC’s price future appreciation. Now, he has made a 180 degrees shift in his speech publicly bashing those investors which he classified as “losers”.
Kiyosaki’s full messageThis is a very grim scenario, which could be making Bitcoin plummet to $1100.
RICH Dad lesson. “LOSERS quit when they lose.” Bitcoin losers are quitting some committing suicide.’WINNERs learn from their losses. I am waiting for Bitcoin to “test” $1100. If the price recovers, I’ll buy more. If it does not I will wait for losers to “capitulate” quit then buy more.
In the past, Kiyosaki highlighted $20,000 as the “buy the dip” level. The author called the cryptocurrency a hedge against inflation and called the BTC’s price crashing “good news” and predicted a “time to get richer” by increasing his holdings.
The author was bullish on BTC and precious metals, but it’s unclear what has caused him to shift his views. On a different occasion, Kiyosaki foresaw the start of a depression, preceded by a “giant crash” across global markets.
This is due to the U.S. Federal Reserve’s (Fed), and their attempts at slowing down inflation which currently stands at 40-years high. Kiyosaki stated that at the time:
BIDEEN & FED need inflation to prevent New Depression. Inflation is a drain on the income of the poor. Inflation makes rich richer. Biden, Fed corrupt. Get ready for a massive crash followed by a new depression. Be smart Buy, gold, silver Bitcoin.
Robert Kiyosaki: Should you listen?
When he forecast that Bitcoin would hit an all-time record high of $75,000., Kiyosaki almost had it right. However, as crypto users pointed out, he has been mostly wrong about his BTC’s price prediction.
Kiyosaki is a long-time advocate of this doomsday scenario, which can be seen in the below image. He tweeted in 2017 about the possibility of a crash in real estate markets. This prediction triggered a huge bull market in this sector.
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His words should be taken with a grain. It seems that the crypto market is vulnerable and soft to macro-conditions. However, it appears unlikely for BTC’s return to its $1,000 level.
