(Kitco News) The collapse of cryptocurrency trading company FTX has dragged the crypto space into a new cycle of fear, uncertainty and doubt (FUD), and Bitcoin has also been hit hard. As investors look for a price bottom, Robert Kiyosaki, best-selling author of “Rich Dad Poor Dad,” says Bitcoin could hit $10,000.
The world’s largest cryptocurrency last traded at $16,637, down 17.7% on the week. Bitcoin is now down 75.8% from a record high of $69,000 posted about a year ago.
Kiyosaki reminded his followers on Twitter that he is a big supporter of Bitcoin, gold and silver. And using this crypto selloff as an opportunity to stockpile Bitcoin if it falls to $10,000-$12,000.
“BITCOIN? CONCERNED? No. I’m a Bitcoin investor because I’m an investor in physical gold, silver and real estate. I’M NOT A TRADER or Flipper. When BITCOIN hits a new low, $10-12,000? I’ll get excited, not worried. I bet the Fed, Treasury, against Biden and bet G [gold]S [silver]& Bitcoin,” he tweeted on Friday.
BITCOIN? CONCERNED? No. I am a Bitcoin investor because I am an investor in physical gold, silver and real estate. I AM NOT A SALESMAN or a flipper. When BITCOIN hits a new low, $10-12,000? I get excited, I’m not worried. I’m betting against the Fed, Treasury, Biden and I’m betting on G,S and Bitcoin.
— therealkiyosaki (@theRealKiyosaki) November 11, 2022
When Bitcoin started to crash in May, Kiyosaki described it as “good news” and predicted a drop to $20,000.
“I expect Bitcoin to fall to 20,000. Then I wait for a test of the bottom, which could be $17,000. When I know the bottom is in, I will lift the truck. Crashes are the best time to get rich,” he said. .
BITCOIN MONEY. Good news. As stated in previous tweets, I expect Bitcoin to crash to 20,000. Let’s then wait for the bottom test, which could be $17,000. Once I know the bottom is in, I lift the truck. Crashes are the best time to get rich. To take care.
— therealkiyosaki (@theRealKiyosaki) May 12, 2022
His prediction came true when Bitcoin briefly hit a low of $17,000 on June 18th.
In another message to his followers in October, the best-selling author said it was time to use the Federal Reserve’s aggressive stance to buy more gold, silver and Bitcoin.
“BUY OPPORTUNITY: if the FED continues to raise rates, the US Dollar will strengthen causing gold, silver and Bitcoin prices to fall. BUY more. When the FED turns around and cuts rates like they just did in England, you’ll be smiling when others are crying. Take care,” he tweeted .
BUYING OPPORTUNITY: if the FED continues to raise interest rates, the US dollar will strengthen, causing gold, silver and Bitcoin prices to fall. Buy more. When the FED turns around and lowers interest rates like they just did in England, you smile while others cry. To take care
— therealkiyosaki (@theRealKiyosaki) October 2, 2022
Kiyosaki sees silver jumping to $100 and then $500 this decade.
In mid-June, Kiyosaki also gave investment advice to cope with this hyperinflation, telling his followers to stock up on cans of tuna.
“Best INVESTMENT: Cans of tuna. Inflation on the rise. Best investments are cans of tuna and baked beans. You can’t eat gold, silver or Bitcoin. You can eat cans of tuna and baked beans. Food most important. Hunger is the next problem. Invest in the solution. Be careful,” he said. .
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