Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad, believes Bitcoin may go as low as $10,000 as the dust from the FTX fallout settles.
The sudden collapse of FTX, once the third-largest cryptocurrency exchange, has dragged the entire crypto space into another cycle of fear, uncertainty, and doubt (FUD). Consequently, all major crypto assets have taken a heavy hit, and Bitcoin is no exception.
The flagship cryptocurrency is currently trading at $16,850, down by more than 20% over the past week. Over the past few days, the coin has tumbled to as low as $15,682, a level not seen in two years. Ethereum, the second-largest cryptocurrency, is also down by more than 23% over the past seven days.
In a late Friday tweet, Kiyosaki said to his more than 2.2 million followers on Twitter that he continues to be a big proponent of Bitcoin, gold, and silver. He added that the selloff could see Bitcoin drop to $10,000-$12,000, but he will use the opportunity to stock up more coins.
“BITCOIN? WORRIED? No. I am a Bitcoin investor as I am an investor in physical gold, silver, & real estate. I am NOT A TRADER or flipper. When BITCOIN hits new bottom, $10 to $12 k? I will get EXCITED, not worried. I bet against the Fed, Treasury, Biden, & bet on G [gold], S [silver], & Bitcoin,” he tweeted Friday.
It is worth noting that Kiyosaki has been pretty accurate with his BTC predictions lately. Back in May, when the market started to crash, he described it as “great news” and projected BTC to fall to $20,000.
“I am waiting for Bitcoin to crash to 20k. Will then wait for test of bottom, which might be $17k. Once I know the bottom is in, I back up the truck. Crashes are best times to get rich,” he said at the time.
In mid-October, Kiyosaki warned investors about more pain coming, saying that they must protect their wealth by investing in gold, silver, and BTC. He also recommended coming up with alternative streams of income.
“Gold, silver, Bitcoin may protect your WEALTH… but not your INCOME. As [the] economy crashes, stock markets go bust, pensions crash and unemployment rises, a SIDE HUSTLE may provide you income. Who knows? Your side hustle may grow into the next Amazon or Bitcoin. Take care. Be aware.”
Compiled by Coinbold