Robert Kiyosaki, the highly successful author of the “Rich Dad Poor Dad” series of personal finance books, has said that the price of bitcoin crashing is “great news” as he may buy some more, later on, implying the cryptocurrency was overvalued.
The price of bitcoin surged late last year, from around $11,000 in October to a new all-time high near $64,000 before it started correcting. The bull run started shortly after PayPal launched a new service letting users buy, sell, and hold BTC, ETH, BCH, and LTC on its platform. It accelerated as major companies like MicroStrategy and Tesla added bitcoin to their balance sheets.
The bull run then seemingly came to an end after Tesla CEO Elon Musk tweeted out Tesla would no longer accept bitcoin payments over environmental concerns. While since then the electric car marker’s CEO met with North American bitcoin miners to form the Bitcoin Mining Council and address BTC’s environmental impact, prices kept dipping.
Bitcoin is now trading at $36,000 after testing the $30,000 mark last month. To Kiyosaki the price crash is “great news”, and when the price of bitcoin hits $27,000 he “may start buying again.” Whether he will or not will depend “upon global-macro environment.”
The best-selling author added a reminder to his followers that in his opinion the problem isn’t gold, silver or BTC, but poor monetary policy coming from the Federal Reserve and Wall Street. He noted the price of gold was $300 back in 2000, and is now trading close to $1,900.
Investors often turn to gold as a hedge against inflation and currency debasement, as the precious metal has been a safe haven for thousands of years. Bullish gold price predictions have been flying around over the last few months, as higher-than-expected inflation data was revealed this quarter. To some analysts, a significant surge in money supply is behind the rise in inflation.
Kiyosaki, it’s worth noting, has earlier this year said he believes the price of bitcoin is “going to $1.2 million” in five years. He has been criticizing the Federal Reserve’s response to the economic fallout that resulted from the COVID-19 pandemic.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.