He publicly chastised those investors whom he had labeled as “losers”
The best-selling author of Rich Dad Poor Dad, Robert Kiyosaki, says he’s awaiting bitcoin to hit $1,100.
He added that if the cryptocurrency recovers from that level, he will buy more. The author distinguished between “winners” and “losers” in the cryptocurrency market via his official Twitter account.
Since breaking below $20,000 and trading at $18,900 at the time of writing, Bitcoin has lost significant support and has lost 6% of its value in the past day. Since reaching an all-time high of $69,000, the cryptocurrency has lost more than 75% of its value.
At those levels, the Rich Dad Poor Dad author was a buyer and appeared to be more optimistic about BTC’s future price appreciation.
Kiyosaki’s full message is rather bleak, and he may be aiming for an impossible level, with Bitcoin falling to $1,100:
“RICH Dad lesson. “LOSERS quit when they lose.” Bitcoin losers are quitting some committing suicide.’WINNERs learn from their losses. I am waiting for Bitcoin to “test” $1100. If it recovers I will buy more. If it does not I will wait for losers to “capitulate” quit then buy more.”
Kiyosaki has previously identified $20,000 as the “buy the dip” level.
The author described cryptocurrency as a hedge against inflation, describing the BTC price drop as “good news” and predicting a “time to get richer” by increasing his holdings.
The author was previously bullish on Bitcoin and precious metals, but it is unclear what has caused him to change his mind.
Kiyosaki also anticipated the onset of a slump, which would be preceded by a “great fall” in world markets.
The main driver of this scenario is the Federal Reserve of the United States (Fed) and its efforts to slow inflation, which is currently at a 40-year high.
Should You Pay Attention to Robert Kiyosaki?
Kiyosaki was nearly correct when he predicted that Bitcoin would reach an all-time high of around $75,000. However, as cryptocurrency users pointed out, he has been mostly incorrect in his BTC price predictions.
Kiyosaki has been debating this end-of-the-world scenario for almost a decade.
In 2017, he predicted a real estate market crash, which was followed by a major bull run in the sector.
As a result, it seems prudent to take his words with a grain of salt. The crypto market appears soft and vulnerable to macroeconomic conditions, but BTC returning to $1,000 levels appears unlikely.