Robert Kiyosaki, the best-selling author of the “Rich Dad, Poor Dad” series of personal finance books, sees Bitcoin’s demise as an opportunity for investors.
“crashes are the best times to get rich.”
Robert Kiyosaki
In a post to his over 1.9 million Twitter followers, Kiyosaki stated that Bitcoin’s crash was due to a lack of liquidity.
“great news”
Robert Kiyosaki
“I’m waiting for Bitcoin to drop to $20,000,” he says, so he can “raise the truck” once the bottom is in.
The $20,000 level is notable since it was the high point of the 2017 bull market, when it exploded from roughly $1,000 to go close to that level. BTC’s bottom, according to Kiyosaki, might be around the $17,000 mark, however the author did not say why.
After cryptocurrency lender Celsius Network banned withdrawals on its platform due to “extreme market conditions,” Bitcoin’s price fell to roughly $23,600 at the time of writing. Ethereum fell below its 2018 cycle highs of roughly $1,400 as a result of the move, which triggered a crypto sell-off.
Robert Kiyosaki on BTC
In response to the fall, Kiyosaki, who in April 2021 called Bitcoin “open source people’s money” and in October 2021 said he loves Bitcoin, originally advised tuna fish cans and baked beans “are the best investments” because people cannot consume “gold, silver, or Bitcoin.”
For years, Kiyosaki has been a BTC bull, even revealing earlier this year that he has invested in smart contract platform Solana. Others, notably Bloomberg commodity expert Mike McGlone, have remained bullish on the long term, predicting that BTC will exceed $100,000 by 2025.
According to CryptoGlobe, the percentage of Bitcoin’s circulating supply held on cryptocurrency exchanges has gone below 10% for the first time since the $BTC price fell to $3,200 at the bottom of the so-called Crypto Winter in December 2018.
The supply of bitcoin on cryptocurrency exchanges is a highly monitored indicator, as it is used to determine how much BTC is currently available for sale. Because there is a lower amount of BTC on exchanges, a supply shock that leads to higher price movement is possible if demand rises sufficiently.
Source: Cryptoglobe