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‘Rich Dad Poor Dad’ Author Waits to Buy More Bitcoin: ‘Tough Times Ahead’
Yuri Molchan
Famous Bitcoiner Kiyosaki claims to apply Warren Buffett’s strategy to BTC
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Vocal Bitcoin supporter and investor Robert KiyosakiWidely known for his personal financial management book “Rich Dad Poor Dad,” he used the X account (formerly known as Twitter) to reveal his current Bitcoin strategy.
His main point is that the best time to buy an asset is when it collapses.
“Bitcoin is collapsing, I’m waiting to buy more”
Kiyosaki tweeted that the price of Bitcoin is currently experiencing a huge collapse having dropped below $63,000 on Monday. The financial guru warned the community that since Bitcoin is collapsing 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 the financial markets. “All markets go up and down,” he tweeted, and now they’re going down. However, traders are always trading assets, he said she said. However, according to Kiyosaki, the big problem with trading any asset is that traders have to pay taxes and, in particular, have to pay short-term capital gains taxes on profits from trading.
As they do so, Kiyosaki prefers to apply Warren Buffett’s favorite investment strategy to Bitcoin: “buy and hold forever.” It is worth noting that Buffett is a rigorous critic of Bitcoin and in 2018 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.
“Difficult times lie ahead”
In the second part of his tweet, Kiyosaki warned its audience of 2.5 million X that “difficult times are ahead”. He explained that he prefers not to trade assets but to build new assets. This is why he defines himself as a “serial entrepreneur”; at the moment, Kiyosaki revealed, he is building two new start-ups, without specifying the area in which they are located.
Previously, Kiyosaki said he owned a gold mine and also wanted to buy an oil well. He prefers to invest not only in Bitcoin, but also actively buys and holds gold and silver. The financial guru believes that all three are safe haven assets, worth accumulating.
Recently, Kiyosaki made a prediction that he expects Bitcoin to reach $300,000 by September.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many aspects of it. He has written for several crypto media. His articles have been cited by cryptocurrency influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.