I will buy more if Bitcoin retests $20k

Bitcoin has fallen to a low of $33,064 and could move further amid negative sentiment permeating the markets.

Robert Kiyosaki, an American businessman and author, is not concerned about the recent price dip in the Bitcoin market. He called bitcoin’s decline “great news” and promised to increase his exposure to the commodity if the USD value fell below $20,000.

Kiyosaki sees price drop as buying point

Kiyosaki, 74, best known for his Rich Dad Poor Dad book series, is one of the experts who believe that bitcoin is a hedge against financial crisis and inflation. He also believes that the pioneer cryptocurrency can be used for educational purposes. He declared in the summer of 2020 that BTC, along with gold and silver, is “making people smarter, richer and stronger against the Fed.”

The popular author, who is a strong supporter of cryptocurrency, stated this Monday as bulls battled to keep prices above $34,000.

However, Bitcoin has fallen to intraday lows of $33,600, ending a bleak week in which the value of the flagship cryptocurrency fell below the crucial support levels of $40,000 and $37,300.

According to Kiyosaki, another slump exacerbating losses will be “great news.” According to him, this presents a buy-the-dip opportunity, which he wants to take advantage of.

The American businessman and founder of Rich Global LLC claimed that he had bought Bitcoin twice in the past, once when it was around $6,000 and again when it was around $9,000.

BTC/USD at $33k. Source: Trading Display

Kiyosaki predicted in May 2020 that Bitcoin would reach $75,000, but the target was missed as prices peaked at around $69,000.

The author recently linked Bitcoin to: “people’s money”, while gold was called “God’s money”.

The investor has his . already pronounced skepticism for the traditional banking system, predicting a collapse of the US dollar. According to him, the monetary problems caused by the Fed’s COVID-19 countermeasures have turned the US national currency into “fake dollars”. He urged individuals not to store money because their savings would be devalued during a recession. Instead, they should focus on bitcoin and gold to protect their wealth.

he too predicted the 2008 financial crisis and questioned the US government’s countermeasures.

Related Article |“Buy Bitcoin”: Robert Kiyosaki foresees a new depression

Not only Kiyosaki shares this sentiment

The price of Bitcoin has fallen by more than half from its all-time high in November, leading some to speculate that the crypto bubble has burst. According to Perianne Boring, creator of Digital Chamber, “volatility isn’t always a bad thing.”

She went on to say on CNBC’s “Squawk Box”:

“It is normal to see 30-50% volatility in the crypto markets in any given month. The markets are behaving as expected.”

In her opinion, Bitcoin price is likely to rise higher as the cryptocurrency’s fundamentals are “as strong as ever”.

This is not the first time Kiyosaki has focused on fiat currencies, especially the US dollar. He named a few years ago that the financial sector would undergo major changes in 2040.

He predicted that gold will continue to play an active role because it is there “for eternity”. He, on the other hand, had a different view of the dollar:

‘Will the dollar be there? I do not think so. The dollar is toast as gold, silver and cybercurrency are going to knock it out.

The US dollar is a scam. I think we’re looking at the end of the dollar. That’s what I say.”

Related article | Rich Dad Kiyosaki From Poor Dad Buys More Bitcoin Today, But Why?

Featured image from Shutterstock | Charts by Trading Display

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