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‘Rich Dad Poor Dad’ Author Waits to Buy More Bitcoin: ‘Tough Times Ahead’
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Vocal Bitcoin supporter and investor Robert KiyosakiAlso widely known for his personal financial management book “Rich Dad Poor Dad,” he used his 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 seeing a huge collapse as it 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.
Bitcoin is collapsing. Most people should sell. I’m waiting to buy more.
All markets go up and down. Many people earn a lot of money “trading”
markets, which means buying low and hopefully selling low. The problem with “trading” any asset is taxes, especially “short-term” ones…— Robert Kiyosaki (@theRealKiyosaki) June 24, 2024
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 mentioning here that Buffett is a strict critic of Bitcoin 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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“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. For this reason he defines himself as a “serial entrepreneur”: at the moment, Kyosaki revealed, he is building two new startups without specifying the area in which they will work.
Previously, Kiyosaki said he owned a gold mine and also wanted to buy an oil well. He also prefers to invest not only in Bitcoin, but also actively buys and holds gold and silver. The financial guru believes all three are safe havens worth accumulating.
Recently, Kiyosaki made a prediction that he expects Bitcoin to reach $300,000 by September.