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Breaking News: Bitcoin Slides Toward $85,000 Despite Progress On US Crypto Market Structure Bill
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Breaking News: Bitcoin Slides Toward $85,000 Despite Progress On US Crypto Market Structure Bill

Why Rich Dad, Poor Dad Author Will Wait For Bitcoin To Drop To $1,100 Before Buying More

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 2:21 pm
2 mins read
bitcoin

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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.

Related Reading | Reports: FTX Targeting BlockFi Purchase At $25M

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. The cryptocurrency has lost over 75% of its value since reaching an all-time high at $69,000.

Bitcoin BTC BTCUSD
BTC’s price trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview

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 message is rather grim, and might be aiming for an impossible level, for Bitcoin to crash all the way down to $1,100:

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 it recovers I will 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.

The main trigger for this scenario is the U.S. Federal Reserve (Fed) and its attempts to slow down inflation, which is currently at a 40-year high. At that time, Kiyosaki said:

BIDEEN & FED need inflation to prevent New Depression. Inflation rips off the poor. Inflation makes rich richer. Biden and Fed corrupt. Prepare: Giant crash then new depression. Be smart Buy, gold, silver Bitcoin.

Should You Listen To Robert Kiyosaki?

Kiyosaki was almost right when he predicted Bitcoin would reach an all-time high near $75,000. However, as crypto users pointed out, he has been mostly wrong about his BTC’s price prediction.

As seen below, Kiyosaki has been talking about this doomsday scenario for over a decade. In 2017, he tweeted about a potential crash in the real estate market, this prediction proceeded a major bull run in the sector.

Bitcoin BTC BTCUSD
Kiyosaki’s market predictions across the past decade compared to the S&P 500. Source: Fintwit via Twitter

Related Reading | TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

Therefore, it seems wise to take his words with a grain of salt. The crypto market seems soft and susceptible to macro-conditions, but for BTC to return to the $1,000 levels seems unlikely.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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