I will Buy More If Bitcoin Retest $20k

Bitcoin has dropped to a low of $33,064 and could go further due to the negative sentiment that is permeating the markets.

Robert Kiyosaki, an American businessman and author, is unconcerned with the recent price dip in the Bitcoin market. 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 Sees Price Fall As Buying Point

The 74-year-old Kiyosaki, best known for his Rich Dad Poor Dad book series, is one of the experts who believe bitcoin is an hedge against financial crisis and inflation. He also believes that the pioneer cryptocurrency can be used for educational purposes. He stated in the summer of 2020 that BTC, along with gold and silver, “make people smarter, richer, and stronger against the Fed.”

The popular author, who is a vocal proponent of cryptocurrency, stated this on Monday as bulls fought to keep prices over $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.

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.

The US businessman and founder of Rich Global LLC claimed that he purchased Bitcoin twice in the past, once when it was around $6,000 and again when it was around $9,000.

Robert kiyosaki bitcoin

BTC/USD at $33k. Source: TradingView

Kiyosaki predicted in May 2020 that Bitcoin would reach $75,000, however the aim was missed when prices peaked at roughly $69,000.

The author recently linked Bitcoin to “people’s money,” while gold was dubbed “God’s money.”

The investor has already expressed his skepticism for the traditional banking system, forecasting a US dollar 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. Instead, they should concentrate on bitcoin and gold in order to protect their wealth.

He also forecasted the 2008 Financial Crisis and questioned the US government’s countermeasures.

Related article |“Buy Bitcoin”: Robert Kiyosaki Foresees A New Depression

Not Only Kiyosaki Shares This Sentiment

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.”

She went on to say on CNBC’s “Squawk Box”:

It’s normal to see 30-50% volatility in the crypto markets in any given month. The markets are behaving just as expected.”

In her view, Bitcoin price will likely rebound higher given the cryptocurrency’s fundamentals “are as strong as ever.”

This is not the first time Kiyosaki has taken aim at fiat currencies, particularly the US dollar. He mentioned a few years ago that the financial sector would undergo significant changes by the year 2040.

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. The dollar is toast because gold, silver, and cyber currency are going to take it out.

The U.S. dollar is a scam. I think we are watching the end of the dollar. That’s what I’m saying.”

Related article | Rich Dad Poor Dad’s Kiyosaki is Buying More Bitcoin Today, But Why?

Featured Image from Shutterstock | Charts by TradingView

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.