Kiyosaki, who has long been a proponent of financial intelligence, believes buying Bitcoin at the $20K price level is a prudent investment decision.
American businessman and best-selling author Robert Kiyosaki has said that he will buy more Bitcoin (BTC) should the asset’s price dip to $20K. Kiyosaki’s assertion comes on the heels of the crypto market’s disappointing start of the new year.
BTC, which soared to a record-setting price level of just under $70K ($68,700) late last year, began 2022 at just over $46K. That substantial drawdown has steepened further to just over $33K, which marks a whopping 45% retracement from its all-time high price. To Kiyosaki, this is “great news” and presents a favorable opportunity to consider increasing one’s exposure to the leading crypto.
Kiyosaki, who achieved global acclaim for his “Rich Dad, Poor Dad” book series is a long-standing advocate of financial intelligence. Part of this entails buying or investing in assets or securities when the best opportunity presents itself. Often, according to Kiyosaki, this is when the price level retraces substantially to reduce the risk involved. The 74-year-old financial proponent issued a statement on Twitter saying, “profits are made when you buy”. In Kiyosaki’s own words, which touched on BTC and silver:
“WOW:Words of Wisdom. “Your profits are made when you buy, not when you sell.” Price of Bitcoin crashing. Great news. I bought BC at $6K and 9K. I will buy more if and when BC tests $20k. Time to get richer is coming. Silver best bargain today. Silver still 50% below high.”
Kiyosaki First Bought Bitcoin When It Was Well Below $20K
Kiyosaki is also a BTC devotee, frequently touting the virtues of the prominent crypto in newsletters. He stated that he regularly buys BTC during dips, and even reminded his followers that he bought the crypto at $6K – $9K. According to the best-selling author, BTC is a veritable hedge against inflation – just like precious metals gold and silver. Kiyosaki also believes that BTC possesses educational functions, especially with what is currently happening with the US Fed and interest rates. To lay further emphasis, he asserts that actively investing in BTC will “make people smarter, richer, and stronger against the Fed.”
Kiyosaki Thinks Saving Cash as a Form of Investment Is a Bad Idea
In Kiyosaki’s opinion, saving funds in cash is not a prudent idea due to the ever-present threat from devaluation. The Hawaiian-born businessman explains that this is even more apparent during times of recession. To Kiyosaki, cash is limitless in supply and thus can always be minted by a central bank as the need arises. Meanwhile, BTC, and gold are obtainable via mining in one form or another, have a limited supply, and the CFTC considers them as commodities.
In addition, Kiyosaki stated that BTC could also likely be the alternative to gold for younger generations. The financial author termed Bitcoin as “people’s money,” and branded gold as “God’s money”. Kiyosaki’s viewpoint on BTC and gold, posing a different allure to two different generations, seems supported by a survey. Furthermore, it is also a subject matter that hedge fund king Ray Dalio also touched on.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
