The renowned financial expert known for his bestseller book, Rich Dad Poor Dad, Robert Kiyosaki, has said the decline in the price of Bitcoin is “great news” as it may be a good time for him to buy more. He later implied that the digital asset is overvalued.
The price of the digital asset saw a surge late last year, entering this year from about $11,000 in October 2020 to a new ATH of $64,000 before a price correction began. The bullish move began after PayPal introduced a new service that allows its users to hold, sell, and buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin on the platform. It moved rapidly up when companies like Tesla and MicroStrategy added BTC to their balance sheets.
The bullish move seemingly ended when Elon Musk, the CEO of Tesla, announced on Twitter that his company would not be accepting BTC as a form of payment again because of its carbon footprint and the impact on the environment. While the Tesla CEO had a meeting with the miners in North America, which led to the establishment of a new Bitcoin Mining Council to address the environmental concerns, the price of the digital asset kept dipping.
Currently, the price of BTC is around $36,000 after reaching $30,000 last month. For Robert Kiyosaki, this news is a great one, and he mentioned that when the price reaches $27,000, he may consider buying again. His decision, however, depends on the global macro environment.
The author of the best-selling book added a reminder to his Twitter followers that for him, the problem is not BTC, Silver, or Gold but a general poor monetary policy from the Wall Street and Federal Reserve. He mentioned that back in 2000, the price of gold was $300 and is currently trading at $1,900.
Most often, investors used gold as a hedge against currency debasement and inflation as the precious metal has been a safe investment for millennia now. The price predictions of bullish gold have been trending for a couple of months now as data of inflation higher than expected was revealed this current quarter. For some analysts, the increased in the supply of money is the cause of inflation.
A noteworthy mention is Kiyosaki’s belief that the price of BTC in the next five years will reach $1.2 million. However, he has been raising fault in how the Federal Reserve responded to the economic downturn caused by the COVID-19 pandemic.