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‘Rich Dad Poor Dad’ Author Waits to Buy More Bitcoin: 'Rough Times Ahead'

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Tue, 25/06/2024 - 6:37
‘Rich Dad Poor Dad’ Author Waits to Buy More Bitcoin: 'Rough Times Ahead'
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Vocal Bitcoin supporter and investor Robert Kiyosaki, widely known for his personal finance management book “Rich Dad Poor Dad,” has taken to X (formerly known as Twitter) account to reveal his current Bitcoin strategy.

His main point is that the best time to buy an asset is when it crashes.

"Bitcoin is crashing, I'm waiting to buy more"

Kiyosaki tweeted that the Bitcoin price is currently seeing a massive crash as it went down below $63,000 on Monday. The financial guru warned his community that since Bitcoin is crashing now and many people are selling, he is preparing to buy more BTC.

Kiyosaki also shared some crucial observations about trading in the current state of financial markets. “All markets go up and down,” he tweeted, and now they are going down. Still, traders always trade assets, he said. However, according to Kiyosaki, the big problem with trading any asset is that traders have to pay taxes and, in particular, they must pay short-term capital gains taxes on their profits from trading.

While they are doing that, Kiyosaki prefers to apply Warren Buffett’s favorite investment strategy to Bitcoin – “buy and hold on forever.” It is worth noting here that Buffett is a rigorous Bitcoin critic, and in 2018 he called BTC “rat poison squared” during the annual shareholder meeting of his investment company, Berkshire Hathaway. His opinion on the flagship cryptocurrency has not changed since then.

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"Rough times are ahead"

In the second part of his tweet, Kiyosaki warned his 2.5 million X audience that “rough times are ahead.” He explained that he prefers not to trade assets but to build new assets. For this reason, he refers to himself as a “serial entrepreneur”; at the moment, Kiyosaki revealed, he is building two new start-ups, without specifying the sphere they are in.

Previously, Kiyosaki mentioned that he owned a gold mine and was looking to buy an oil well, too. He prefers to invest not only in Bitcoin, but he also actively buys and holds gold and silver. The financial guru believes all three to be safe haven assets, which are worth stacking.

Recently, Kiyosaki made a prediction that he expects Bitcoin to reach $300,000 by September.

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