Robert Kiyosaki Is Excited About Bitcoin Falling

With the bankruptcy of exchange FTX sending Bitcoin to its lowest price level since 2020, many investors seem concerned, but this is not the case for Robert Kiyosaki, author of the book Rich Dad Poor Dad.

In fact, according to Kiyosaki, he will be excited if Bitcoin drops to $10 or $12,000. That is, as the market panics, it will accumulate more and view the decline as a discount.

This thinking is not unique to Kiyosaki, other investors also note that nothing has changed in Bitcoin. After all, the network processes transactions as it has done daily for the past 13 years, a period in which other, even larger exchanges, went bankrupt.

Time to buy bitcoin?

Of course, the best time to buy Bitcoin is when it hits its lowest point. However, it is impossible to know where bitcoin will find good support during this period of user distrust.

Many believed the $20,000 region was the right time, but the FTX crash ultimately surprised the market and sent bitcoin below $17,000, a price not seen since November 2020.

This Friday (11), FTX filed for bankruptcy in the US, adding further pressure to the market and worrying investors. However, the author of the book “Rich Dad Poor Dad” is excited about the fall.

“BITCOIN? WORRIED? Not. I am a Bitcoin investor because I am a physical gold, silver and real estate investor. I AM NOT A TRADER or flipper. When will BITCOIN hit a new bottom, from 10 to 12 thousand dollars? I’ll be excited, don’t worry. I bet against the Fed, Treasury [Americano]Biden and I bet on gold, silver and Bitcoin.”

Bitcoin? WORRIED? At the. I am a Bitcoin investor because I am an investor in physical gold, silver and real estate. I am NOT a TRADER or pinball. When BITCOIN Hits New Bottom, $10 to $12k? I’ll get excited, not worried. I bet against the Fed, Treasury, Biden and bet on G, S and Bitcoin.

— therealkiyosaki (@theRealKiyosaki) Nov 11, 2022

As Kiyosaki himself points out, the reason for his investments in gold, silver, gold and bitcoin has to do with his distrust of governments. After all, while Bitcoin fluctuates, it tends to stay alive in the long run, while fiat currencies like the dollar are quenched by inflation.

If Bitcoin’s Principles Stay Intact, Why Did It Fall?

As highlighted by Binance CEO Changpeng Zhao, users have lost confidence in the market. That is, fewer people are willing to use exchanges since one of the biggest turned out to be a massive scam.

Therefore, the market should lose volume as fewer people and businesses feel uncomfortable using such services. In addition, many must have fortunes stuck in FTX, now waiting for the bankruptcy process.

Finally, this affects the liquidity of cryptocurrencies, not to mention the bad reputation that FTX leaves behind and fuels critics.

Now we have to wait and see how long the market needs to recover. After the collapse of Mt. Gox, for example, in early 2014, it took the market three years to reach new highs.

However, it is worth noting that Mt. Gox was the largest exchange at the time and was currently bigger than Binance in terms of dominance as there were not many other options. So the impact of FTX should be small, but still worrying.