Robert Kiyosaki believes Bitcoin is a bad investment. Here’s why he’s wrong
The Rich dad, poor dad The author says that we should buy tuna boxes instead.
- Robert Kiyosaki first invested in Bitcoin as a hedge against inflation.
- Kiyosaki has tweeted that Bitcoin could fall as far as $ 9,000 – or even $ 1100.
- It is important to do your own research and make decisions based on your financial situation.
Rich dad, poor dad author Robert Kiyosaki has a mixed relationship with Bitcoin. At times, he has told his millions of followers about buying crypto. Others have said that tuna boxes are a better bet than Bitcoin (BTC) – or claimed that increased regulation could lead to the government eventually seizing cryptocurrencies. Let’s take a deeper dive into what the popular author thinks and why he’s wrong.
Kiyosaki and Bitcoin
Robert Kiyosaki is a somewhat controversial financial guru. His first book, Rich dad, poor dad sold in millions of copies and has been translated into over 50 languages. The book was first published in 1997, and 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. Kiyosaki, however, has been criticized by critics who say some of the advice is wrong, bordering on dangerous.
Kiyosaki initially began buying Bitcoin because he was dissatisfied with the Federal Reserve’s quantitative easing and other measures. He is a big fan of gold and silver for similar reasons – he sees them all as a hedge against inflation and recessions. However, this story has not held for Bitcoin in recent months. The highest crypto price has fallen despite the fact that inflation is the highest it has been in 40 years. In June, the price of Bitcoin fell to a low of 18 months.
Why Kiyosaki is wrong about Bitcoin
The real danger in Kiyosaki’s tweets is the idea that we can call the bottom of the current cryptocurrency price decline. No one has a crystal ball, and there are so many factors that can still push Bitcoin’s price down further. A look at Kiyosaki’s messages in recent months shows just that.
In just a few months, he has suggested a potential Bitcoin bottom of $ 20,000, $ 9,000 or even $ 1,100. He says that Bitcoin, food, weapons and bullets are the way forward. Then he says that tuna and baked beans are better than Bitcoin because you can eat them. And then he stamps people who sell their krypton as losers.
Here are some of his latest tweets on Bitcoin in full:
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- June 28: RICH daddy lesson. “LOSERS end when they lose.” Bitcoin losers stop committing suicide. WINNERS learn from their losses. I’m waiting for Bitcoin to “test” $ 1100. If it comes I will buy more. If it does not, I will wait for the losers to “capitulate” to stop buying more.
- June 13: Best INVESTMENT: Boxes of tuna. Inflation is declining. The best investments are boxes of tuna and baked beans. You cannot eat gold, silver or Bitcoin. You can eat cans of tuna and baked beans. The food most important. Hunger next problem. Invest in the solution. Have a good time.
- May 23: May 23, 2022: DAVOS, Switzerland IMF warns that the world faces the greatest economic challenges since World War II. Global catastrophe has been coming for years. Desperate leaders will do desperate things. Workd War coming? God have mercy on us. Save gold, silver, Bitcoin, food, weapons and bullets.
- May 19: I’m still positive about the future of Bitcoin. Waiting for test of new bottom. $ 20k? $ 14,000? $ 11,000? $ 9,000? Why do I stay bullish? The Fed and the Treasury are corrupt organizations. They will self-destruct before regaining honesty, integrity and moral compass. Have a good time. Be aware of.
The bottom line
There are all kinds of financial gurus who say that the decisions we make in a bear market can ultimately make us rich. But as an investor, these turbulent times are tough, especially if you’ve seen your crypto portfolio devalue dramatically. Investors look to so-called experts for advice on what to do – and a series of slightly conflicting tweets do not help.
Some investors may be tempted to cut losses and sell. With some cryptos down 90% from their heights, that’s understandable. It is difficult to sit down and wait for the storm to pass, but the risk of selling is that you will not benefit from it if prices eventually recover. The challenge is that we do not know when – or if – better times can come. When a guru tells you that the price may drop by another 50% or more, it becomes even more attractive to get out of the crypto city.
Others may want to buy Bitcoin at these low prices, and may be wondering when to jump in. Some say we reached the bottom when Bitcoin fell below $ 20,000, which may be accurate. However, there is still a significant downward pressure on crypto prices, and crypto has some serious obstacles to cross in the coming months. Still, if Kiyosaki’s followers wait for a fall to $ 9,000 or even $ 1,100, they can linger too long on the sidelines and never buy crypto at all.
One thing that is clear from Kiyosaki’s mixed messages is that this is a high-risk asset class, and the macroeconomic situation or increased regulation can have a major impact on prices. If you are considering buying crypto while prices are low, do your own research and make sure you understand the risk. You can find some great advice from financial gurus on social media. Just remember that only you know your financial situation, and it is you – not them – who are putting your money at stake.
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