Why Rich Dad, Poor Dad Author Will Wait For Bitcoin To Drop To $1,100

Best-selling author Robert Kiyosaki offered his followers a “rich dad lesson” on Bitcoin. Through his official Twitter account, the writer made a distinction between “winners” and “losers” in the crypto market.

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At the time of writing, Bitcoin has lost significant support as it broke below $20,000 and is currently trading at $18,900 with a 6% loss in the last 24 hours. The cryptocurrency has lost more than 75% of its value since reaching an all-time high of $69,000.

BTC price is trending down on the 4-hour chart. Font: BTCUSD trading view

At those levels, the author of Rich Dad Poor Dad was a buyer and seemed more excited about future BTC price appreciation. Now, he has taken a 180 degree turn in his speech by publicly criticizing those investors whom he described as “losers”.

by Kiyosaki full message it’s pretty grim, and could be targeting an impossible level, for Bitcoin to crash to $1,100:

RICO dad lesson. “LOSERS quit when they lose.” Bitcoin losers are stopping committing suicide. WINNERS learn from their losses. I am waiting for Bitcoin to “test” $1100. If it recovers I will buy more. If not, I’ll wait for the losers to “capitulate” quit and then buy more.

In the past, Kiyosaki has highlighted $20,000 as the “buy the dip” level. The author called the cryptocurrency a hedge against inflation and called the BTC price drop “good news” and predicted a “get richer time” by increasing his holdings.

The author was bullish on BTC and precious metals, but it is unclear what caused him to change his mind. On another occasion, Kiyosaki foresaw the beginning of a depression, preceded by a “giant crash” in global markets.

The main trigger for this scenario is the US Federal Reserve (Fed) and its attempts to curb inflation, which is currently at a 40-year high. At that time, Kiyosaki said:

BIDEEN & FED need inflation to prevent the New Depression. Inflation rips off the poor. Inflation makes the rich richer. Biden and the corrupt Fed. Brace yourselves: giant shock and then another depression. Be smart Buy, gold, silver Bitcoin.

Should you listen to Robert Kiyosaki?

Kiyosaki was almost correct when he predicted that Bitcoin would hit an all-time high near $75,000. However, as crypto users pointed out, he has been mostly wrong regarding his BTC price prediction.

As seen below, Kiyosaki has been talking about this doomsday scenario for over a decade. In 2017, he tweeted about a possible downturn in the real estate market, this prediction triggered a huge bull run in the sector.

Kiyosaki’s market predictions over the past decade compared to the S&P 500. Source: Fintwit via Twitter

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Therefore, it seems prudent to take his words with a grain of salt. The crypto market looks soft and susceptible to macro conditions, but BTC seems unlikely to return to $1,000 levels.