Best-selling author Robert Kiyosaki gave his followers a “rich dad lesson” on Bitcoin. Via his official Twitter account, the writer distinguished between “winners” and “losers” in the cryptocurrency market.
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At the time of writing, Bitcoin has lost significant support as it broke below $20,000 and is currently trading at $18,900 with a 6% loss in the last 24 hours. The cryptocurrency has lost more than 75% of its value since it reached an all-time high of $69,000.
At those levels, the author of Rich Dad Poor Dad was a buyer and seemed more excited about the BTC price appreciation in the future. Now, he has turned 180 degrees in his speech, publicly attacking those investors he labeled “losers.”
kiyosaki full message Somewhat bleak, and might aim for an impossible level, as Bitcoin crashes all the way to $1,100:
My father studied rich. “Losers quit when they lose.” Bitcoin losers give up some suicide. ‘Winners learn from their losses.’ I am waiting for Bitcoin to “test” $1,100. If it recovers I will buy more. If not, I will wait for the losers to “give up” and then buy more.
In the past, Kiyosaki highlighted $20,000 as a “buy on dip” level. The author described the cryptocurrency as a hedge against inflation, described the BTC price crash as “good news” and predicted a “time to get richer” by increasing his holdings.
The author was optimistic about Bitcoin and precious metals, but it is unclear what made him change his view. On a different occasion, Kiyosaki predicted the onset of a depression, preceded by a “giant crash” in world markets.
The main driver for this scenario is the US Federal Reserve (Fed) and its attempts to slow inflation, which is currently at its highest levels in 40 years. Kiyosaki said at the time:
BIDEEN & FED needs inflation to prevent a new depression. Inflation tears the poor. Inflation makes the rich get richer. Biden and the Federal Reserve are corrupt. Preparation: a giant crash and then a new depression. Be smart buy gold and silver bitcoin.
Should you listen to Robert Kiyosaki?
Kiyosaki was almost right when he predicted that Bitcoin would reach an all-time high near $75,000. However, as crypto users have pointed out, he was mostly wrong about his BTC price predictions.
As seen below, Kiyosaki has been talking about this doomsday scenario for more than a decade. In 2017, he tweeted about a possible crash in the real estate market, and this prediction has led to a significant upside in the sector.
Therefore, it seems wise to take his words with caution. The crypto market appears to be weak and vulnerable to macro conditions, but a return of BTC to the $1,000 levels is unlikely.