Robert Kiyosaki thinks Bitcoin is a bad investment.That’s why he was wrong

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This rich dad, poor dad The author says we should buy canned tuna.

key point

  • Robert Kiyosaki initially invested in Bitcoin as a hedge against inflation.
  • Kiyosaki tweeted that Bitcoin could drop to $9,000 or even $1,100.
  • It is important to do your own research and make a decision based on your financial situation.

rich dad, poor dad Author Robert Kiyosaki has a complicated relationship with Bitcoin. At some point, he told his millions of followers to buy cryptocurrencies. Among others, he says canned tuna is better than Bitcoin (BTC) — or claims that increased regulation could lead to governments eventually confiscate crypto assets. Let’s take a deeper look at what the popular writer thinks and why he’s wrong.

Kiyosaki and Bitcoin

Robert Kiyosaki is a controversial financial guru. his first book, rich dad, poor dad Millions of copies have been sold and it has been translated into over 50 languages. First published in 1997, the book is still popular today. It focuses on the importance of making your money work for you, with an emphasis on financial education and building wealth. However, Kiyosaki has come under fire from critics who see some of the advice as false and bordering on danger.

Kiyosaki initially started buying bitcoin because he was dissatisfied with measures such as quantitative easing by the Federal Reserve. For similar reasons, he’s a big fan of gold and silver — both of which he sees as a hedge against inflation and recession. However, in recent months, this argument has not applied to Bitcoin. Prices of top cryptocurrencies have plummeted despite inflation at the highest level in 40 years. In June, bitcoin prices fell to an 18-month low.

Why Kiyosaki is wrong about Bitcoin

The real danger in Kiyosaki’s tweet is that we can call the bottom of the current cryptocurrency price crash a bottom. No one has a crystal ball, and there are many factors that can still push the price of Bitcoin down even further. A look at Kiyosaki’s information in recent months bears this out.

In just a few months, he suggested potential bottoms for Bitcoin at $20,000, $9,000, or even $1,100. He said Bitcoin, food, guns and bullets are the way forward. Then he said tuna and baked beans are better than bitcoin because you can eat them. He then flagged the person selling the cryptocurrency as a loser.

Here are some of his recent full tweets about Bitcoin:

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  • June 28: Rich dad class. “Losers quit when they fail.” Bitcoin losers are giving up some suicide. Winners learn from their losses. I’m waiting for Bitcoin to “test” $1100. If it recovers I will buy more. If not, I’ll wait for the loser to “surrender” to exit before buying more.
  • June 13: Best Investment: Canned tuna. Inflation is about to take off. The best investments are canned tuna and baked beans. You can’t eat gold, silver or bitcoin. You can have canned tuna and baked beans. Food is the most important thing. Hunger’s next question. investment solutions. Be careful.
  • May 23: May 23, 2022: The IMF in Davos, Switzerland warns that the world faces its biggest financial challenge since World War II. A global catastrophe has been coming for years. Desperate leaders do desperate things. Is the labor war coming? God have mercy on us. Save gold, silver, bitcoin, food, guns and bullets.
  • May 19: I am still bullish on the future of Bitcoin. Waiting for the new bottom test. $20,000? $14,000? $11,000? $9,000? Why am I still bullish? The Fed and the Treasury are corrupt organizations. They self-destruct until they regain their honesty, integrity, and moral compass. Be careful. realize.

bottom line

Various financial gurus say the decisions we make in a bear market could end up making us rich. But as an investor, these turbulent times are tough, especially when you see a sharp depreciation of your crypto portfolio. Investors are turning to so-called experts for advice — a series of slightly contradictory tweets to no avail.

Some investors may want to cut their losses and sell. Some cryptocurrencies are understandably down 90% from their highs. It’s hard to sit back and wait for the storm to pass, but the risk of selling is that you won’t benefit if prices eventually recover. The challenge is that we don’t know when — or if — better times will come. Leaving crypto town becomes even more attractive when a guru tells you that prices could fall further by 50% or more.

Others may want to buy Bitcoin at such a low price and may be wondering when to join. Some say we bottomed out when Bitcoin fell below $20,000, which may be accurate. But there is still some significant downward pressure on cryptocurrency prices, and the cryptocurrency has some serious hurdles to cross in the coming months. Even so, if Kiyosaki’s followers are waiting for a drop to $9,000 or even $1,100, they may hesitate too long on the sidelines and not buy the cryptocurrency at all.

It’s clear from Kiyosaki’s mixed messages that this is a high-risk asset class and that macroeconomic conditions or increased regulation could have a significant impact on prices. If you’re considering buying cryptocurrencies when prices are low, do your own research and make sure you understand the risks. You might find some good advice from financial gurus on social media. Remember, only you know your finances, and it’s you – not them – who put your money at risk.

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