Famous investor and author Robert Kiyosaki said on Monday that he was eagerly waiting to buy more Bitcoin after the asset’s price fell to $61,000 to start the day.
But The Bitcoin Dip, Says Robert Kiyosaki
The man behind the best-selling finance book Rich Dad Poor Dad asserted that selling in times of market turmoil is a sign of an “employee” mentality – one that he does not share.
“Bitcoin is crashing. Most people should sell. I am waiting to buy more,” Kiyosaki wrote to Twitter. “If crashes terrify you, sell and hang on tight to your job, which is what most “employees” should do.”
Kiyosaki has praised Bitcoin repeatedly for being a scarce and finite asset similar to previous metals like gold and silver, making it resistant to the inflationary pressure of fiat currencies like the dollar.
Back in March, Kiyosaki told followers that government bonds are the “biggest lie” that financial planners sell to ordinary investors as “safe investments,” while calling gold, silver, and Bitcoin “real assets” that are ready to explode. Earlier this month, Kiyosaki called for Bitcoin to reach $350,000 per coin by August 2024 on the back of irresponsible monetary and fiscal policy.
Kiyosaki acknowledged that many people prefer to trade on Bitcoin’s short-term volatility, but said he isn’t one of those people.
“The problem with “trading” any asset is taxes, specifically “short term” capital gains taxes,” he said on Monday. “My strategy is similar to Warren Buffet’s “buy and hold on forever.”
“Simply said entrepreneurs and employees are opposite sides of the same coin,” he concluded. “Take care. Rough times ahead. Do what is best for you.”
Bitcoin’s Fierce Correction
Bitcoin began its Monday decline following news that Mt. Gox would begin returning its customers’ BTC next month after nearly ten years of insolvency. The 141,686 BTC gathered by the rehabilitation trustee is now worth over $8 billion, giving some Bitcoin holders concern that Mt. Gox customers could flood the market with sell pressure upon repayment.
The price further consolidated to under $59,000 on Monday, with BTC seeing more pronounced gains than even many altcoins. According to CoinGlass, there’s been over $373 million in crypto market liquidations over the past 24 hours.
Millionaire crypto trader Andrew Kang predicted on Sunday that Bitcoin was likely due for extreme corrections over the coming months before later ripping to new highs by 2025.