Robert Kiyosaki, the highly successful author of the “Rich Dad Poor Dad” series of personal finance books, has pointed to Bitcoin’s crash as an opportunity for investors saying that “crashes are the best times to get rich.”
In a tweet shared with his over 1.9 million followers on the microblogging platform Twitter, Kiyosaki suggested that BTC crashing was “great news” as he is “waiting for Bitcoin to crash to $20,000” so he can “up the truck” when the bottom is in.
BITCOIN CRASHING. Great news. As stated in previous Tweets I am waiting for Bitcoin to crash to 20k. Will then wait for test of bottom which might be $17k. Once I know bottom is in I back up the truck. Crashes are best times to get rich. Take care.
The $20,000 mark is significant as it was its high during the 2017 bull-run, which saw it explode from around $1,000 to get close to that mark. To Kiyosaki, BTC’s bottom could be around the $17,000 mark, although the author did not specify the reason behind that level.
Bitcoin’s price plunged to around $23,600 at the time of writing after cryptocurrency lender Celsius Network halted withdrawals on its platform citing “extreme market conditions.” The move triggered a crypto sell-off that saw Ethereum drop below its 2018 cycle highs of around $1,400.
Commenting on the crash, Kiyosaki, who was calling Bitcoin “open source people’s money” in April 2021 and saying that he loves Bitcoin back in October 2021, initially suggested cans of tuna fish and baked beans “are the best investments” as people cannot eat “gold, silver, or Bitcoin.”
Kiyosaki has notably been a BTC bull for years and has even revealed earlier this year he has invested in smart contract platform Solana. Notably, others remain bullish on the long-term, with Bloomberg commodity strategist Mike McGlone revealing earlier this month he believes BTC will hit $100,000 by 2025.
As CryptoGlobe reported, the percentage of Bitcoin’s circulating supply being held on cryptocurrency exchanges has dropped below the 10% mark for the first time since the $BTC price hit a $3,200 low back in December 2018, at the bottom of the so-called Crypto Winter.
Bitcoin’s supply on cryptocurrency exchanges is a closely tracked metric, as it’s used to gauge the supply of BTC that is currently available to be sold on the market. A smaller amount of BTC on exchanges means that if demand rises enough, a supply shock that leads to upward price movement is a possibility.
CURATED FROM:
Memoria, F. (2022, June 13). ‘rich dad’ author says ‘crashes are best times to get rich’, explains when he will buy more $BTC. CryptoGlobe. Retrieved June 16, 2022, from https://www.cryptoglobe.com/latest/2022/06/rich-dad-author-says-crashes-are-best-times-to-get-rich-explains-when-he-will-buy-more-btc/
