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

Best-selling writer Robert Kiyosaki offered his followers a “Rich dada lesson” connected Bitcoin. Via his authoritative Twitter account, the writer made a favoritism betwixt “winners” and “losers” successful the crypto market.

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At the clip of writing, Bitcoin has mislaid large enactment arsenic it broke beneath $20,000 and it’s presently trading astatine $18,900 with a 6% nonaccomplishment successful the past 24 hours. The cryptocurrency has mislaid implicit 75% of its worth since reaching an all-time precocious astatine $69,000.

BTC’s terms trends to the downside connected the 4-hour chart. Source: BTCUSD Tradingview

At those levels, the Rich Dad Poor Dad writer was a purchaser and seemed much enthusiastic astir BTC’s terms aboriginal appreciation. Now, helium has made a 180 degrees displacement successful his code publically bashing those investors which helium classified arsenic “losers”.

Kiyosaki’s afloat connection is alternatively grim, and mightiness beryllium aiming for an intolerable level, for Bitcoin to clang each the mode down to $1,100:

RICH Dad lesson. “LOSERS discontinue erstwhile they lose.”  Bitcoin losers are quitting immoderate committing suicide.’WINNERs larn from their losses. I americium waiting for Bitcoin to “test” $1100. If it recovers I volition bargain more. If it does not I volition hold for losers to “capitulate” discontinue past bargain more.

In the past, Kiyosaki highlighted $20,000 arsenic the “buy the dip” level. The writer called the cryptocurrency a hedge against ostentation and called the BTC’s terms crashing “good news” and predicted a “time to get richer” by expanding his holdings.

The writer was bullish connected BTC and precious metals, but it’s unclear what has caused him to displacement his views. On a antithetic occasion, Kiyosaki foresaw the commencement of a depression, preceded by a “giant crash” crossed planetary markets.

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

BIDEEN & FED request ostentation to forestall New Depression. Inflation rips disconnected the poor. Inflation makes affluent richer. Biden and Fed corrupt. Prepare: Giant clang past caller depression. Be astute Buy, gold, metallic Bitcoin.

Should You Listen To Robert Kiyosaki?

Kiyosaki was astir close erstwhile helium predicted Bitcoin would scope an all-time precocious adjacent $75,000. However, arsenic crypto users pointed out, helium has been mostly incorrect astir his BTC’s terms prediction.

As seen below, Kiyosaki has been talking astir this doomsday script for implicit a decade. In 2017, helium tweeted astir a imaginable clang successful the existent property market, this prediction proceeded a large bull tally successful the sector.

Kiyosaki’s marketplace predictions crossed the past decennary compared to the S&P 500. Source: Fintwit via Twitter

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Therefore, it seems omniscient to instrumentality his words with a atom of salt. The crypto marketplace seems brushed and susceptible to macro-conditions, but for BTC to instrumentality to the $1,000 levels seems unlikely.