Robert Kiyosaki, the author of the “Rich Dad, Poor Dad” best-seller series of personal finance books, expressed that the price of bitcoin plummeting is “great news,” meaning that the cryptocurrency market needed correction.
Bitcoin’s price soared by the end of last year, rising from roughly $11,000 in October to a new all-time high above $64,000 before beginning to fall.
The bull market began immediately after PayPal announced a new service that allows customers to buy, sell, and hold bitcoin, ethereum, bitcoin cash, and bitcoin gold on its platform.
Later large corporations such as MicroStrategy and Tesla integrated bitcoin to their balance sheets accelerating crypto mainstream adoption.
Supporting celebrities like football former quarterback Tom Brady or tv show conductor Ellen DeGeneres, advocating on crypto greatly contributed to create momentum.
Elon Musk Crashed the Party
But when CEO Elon Musk tweeted about Tesla’s environmental concerns, the bull run appeared to be over.
A recent tweet from @theRealKiyosaki account sent on May 30th read: “Bitcoin crashing. Great news. When price hits $27,000 I may start buying again. Lot will depend upon global-macro environment. Remember the problem is not gold, silver, or Bitcoin. Problem are the incompetents in government, Fed & Wall Street. Remember gold was $300 in 2000.”
Because gold has been a safe haven for hundreds of years, investors typically resort to it as a hedge against inflation and currency depreciation.
Gold May Make Sense as a Complementary Investment
Bullish gold price and cryptocurrencies forecasts have been circulating in recent months as alternative investments, following the release of alarming inflation figures this quarter.
According to some researchers, the rise in inflation is due to a huge increase in money supply. Kiyosaki prefers to call it ‘incompetence’
Remember Kiyosaki stated earlier this year that he believes the price of bitcoin will, “go to $1.2 million,” in five years. Kiyosaki has been critical of the Federal Reserve’s approach to the COVID-19 pandemic’s economic consequences.
