Technology

Kiyosaki describes the fall of Bitcoin as positive and anticipates more to come: “Perfect time to get rich”

For Hannah Perez

“Time to buy [Bitcoin]Kiyosaki said looking at this week’s drop. Meanwhile, former Goldman executive Raoul Pal believes the crypto winter will continue until the Fed eases its policies.

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The known “guru” of finance, Robert Kiyosaki, author of the book “Rich father poor father“, has come once again to Twitter to promote the investment of Bitcoin; especially if it is with discounts.

This week, Bitcoin slid to levels not seen since 2020 when it fell back to a low near $26,000. In the midst of a massive market crash, which even saw the stablecoins reeling, the flagship cryptocurrency lost its crucial level of $30,000. Although for many investors the panorama caused panic, not all saw it from the negative side.

Kiyosaki, a reputable investor who for a couple of years has been vigorously defending Bitcoindescribed recent events as positive. Bitcoin crash is big news, said to his nearly 2 million followers on Twitter. The author added that he expected an even bigger price pullback for Bitcoinwhat believes it could sink below $20,000. He admitted that when he is at that level, he will take the opportunity to acquire more of the cryptocurrency.

As I have said in previous tweets, I am waiting for Bitcoin to crash at 20k. Then I’ll wait for the bottom to hit, which could be $17,000. Once I know that the bottom has been reached, I go back with the truck. Downfalls are the best times to get rich.

“Time to get richer”

The billionaire and influencer financier continued to praise this week’s price drop on Twitter. In a post this Friday, Kiyosaki reiterated that he anticipates the downtrend to continue for the cryptocurrency market; or at least that hopes, to be able to buy Bitcoin Y “get richer”. The message was delivered through a lesson that he assures his father gave him:

Why FALLS are GOOD: My rich dad taught his son and me, “Your profit comes when you buy…not when you sell.” Bitcoin is the future of money. That’s why I’ll back up the truck when it’s in the background. It can be USD$17k or even less than USD$11,000. The time to get richer is coming.

A few days ago, Kiyosaki had reflected on the bearish scenario seen throughout 2022 in the digital asset market in a video for his YouTube channel. Youtube in which he shared alongside Jeff Wang, a contributor to the crypto newsletter Rich Dad. During the broadcast, although the investor acknowledged that Bitcoin is indeed in bearish territory, he said “So is the stock market and so is the bond market.”

Both discussed the latest correlation of cryptocurrencies with the US stock market, and shared their mistrust of the US Federal Reserve (FED). In the past, Kiyosaki has reiterated his prediction of an economic downturn, calling Bitcoin the best haven for inflation, alongside gold and silver.

The author also acknowledged that he has “a lot of money” invested in the new asset class. Beyond Bitcoinwhich he started buying when the pandemic broke out in 2020, Kiyosaki has admitted that he has more recently added other cryptocurrencies such as ethereum Y Solarium to your personal portfolio.

More corrections ahead: Until when the crypto winter?

the author of best seller he does not seem to be the only one anticipating further corrections for the digital currency market. During a recent interview for Financial Newsthe well-known emerging markets fund manager Mark Mobius predicted upcoming falls of price for the famous cryptocurrency.

as reported U.TodayMobius coincided with one of the levels mentioned by Kiyosaki, and said that Bitcoin could crash to $10,000. Although both agreed on a continuation of the downtrend, Mobius did not share the recommendation to buy lower, warning investors against such a strategy. It is like “a casino operation” has said in the past.

As analysts forecast losses to last for a while in the market, many investors are wondering when they can begin to expect a recovery.

In a recent interview for Cointelegraph, the renowned investor Raoul Pal addressed this question. Pal, who was previously a top executive at the bank Goldman Sachs believes that a relief for markets in general, not just crypto, could come”in a few months“, once the Fed eases its monetary policy by stopping interest rate hikes.

The Fed is unlikely to raise rates as much and as fast as people expect. I guess they will probably stop raising rates sometime in the summer and that will be ithe told that news agency, calling the Fed’s surge and widespread fear of an upcoming US recession as the possible main factors behind the recent crypto winter.


Article by Hannah Estefanía Pérez / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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