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If Bitcoin Tests $20,000, "Rich Dad, Poor Dad" Author Says He Will Buy More

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Mon, 01/24/2022 - 08:51
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Yuri Molchan
Prominent Bitcoin and real estate investor praises Bitcoin for the plunge it is suffering at the moment
If Bitcoin Tests $20,000, "Rich Dad, Poor Dad" Author Says He Will Buy More
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Renowned investor and popular non-fiction writer, who authored the best-selling "Rich Dad, Poor Dad" book on financial literacy, Robert Kiyosaki, has taken to Twitter to comment on the recent Bitcoin collapse to the $35,000 level.

"Bitcoin crashing. Great news. I will buy more"

Kiyosaki has tweeted that it is great news that the Bitcoin price is going down substantially. He reminded his followers that he purchased Bitcoin when it traded at $6,000 and $9,000, while previously he tweeted that he had also bought BTC on dips.

Now, the "Rich Dad, Poor Dad" author says he will certainly buy more "if and when" Bitcoin would go down to test the $20,000 level.

He has also referred to silver as the "best bargain today" as this precious metal is trading 50% under its all-time high of $44.58 reached on April 26, 2011. Now XAG is trading at around $23.

In a tweet published over the weekend, Kiyosaki also mentioned Bitcoin, gold and silver, urging the community to stock up on them.

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Peter Schiff expects a BTC flash crash below $30,000

On Saturday, big-name Bitcoin critic and CEO of Euro Pacific Capital Peter Schiff tweeted that he expected the flagship cryptocurrency to face a flash crash once BTC breaks below the $30,000 level. After that, according to his tweet a day before, the biggest digital currency may even revisit the $10,000 area.

The next Bitcoin rally may get wild: Gabor Gurbacs

Director of crypto assets at VanEck investment fund Gabor Gurbacs, although a Bitcoin proponent, shared a similar expectation on Saturday.

He tweeted that Bitcoin may face a "serious unwinding" down to $20,000 should it break below $30,200. However, the good news in his view is that there is plenty of liquid finance held by financial institutions looking to invest in it.

Since a lot of them have missed the BTC rally from $10,000 to the $68,800 level, Gurbacs believes, this huge amount of dry power may well go into Bitcoin. The reasons for that are that central banks around the world have been printing a lot of cash, the current high level of inflation and lack of trust in bonds obvious to many investors.

If they all jump on the Bitcoin train, the next rally may get wild, Gurbacs believes.

At the time of writing, the leading crypto keeps going down, now changing hands at $34,941, having dropped another 1.73% in the past 24 hours, according to CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.