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Bitcoin slumped to lows of $33,064 and could tank further given the negative sentiment seeping through the markets.
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Robert Kiyosaki says he’d buy more BTC if prices sink to retest the $20,000 region.
“Rich Dad, Poor Dad” author Robert Kiyosaki says he’s ready to add to his Bitcoin holdings if further declines in the benchmark crypto’s value take it to prices around $20,000.
The bestselling author, who is one of the prominent crypto proponents, said this on Monday as bulls battled to keep prices above $34,000.
But Bitcoin has slipped to lows of $33,600 in intraday trades, the sharp sell-off coming off the back of a brutal week where the flagship cryptocurrency’s value tanked below the key support levels of $40,000 and $37,300.
Kiyosaki says a fresh downturn that intensifies the losses will be “great news.” According to him, this would offer a buy-the-dip opportunity he will seek to exploit.
“Your profits are made when you buy, not when you sell,” he offered in his ‘Words of Wisdom’ tweet.
The US businessman and founder of Rich Global LLC revealed he bought Bitcoin twice in the past- when the cryptocurrency traded around $6,000 and then at $9,000.
“I will buy more if and when BC tests $20k,” he added, striking an optimistic outlook for the market.
The investor has previously explained his distrust of the legacy financial system, predicting a crash for the US dollar.
WOW:Words of Wisdom. “Your profits are made when you buy, not when you sell.” Price of Bitcoin crashing. Great news. I bought BC at $6K and 9K. I will buy more if and when BC tests $20k. Time to get richer is coming. Silver best bargain today. Silver still 50% below high.
— Robert Kiyosaki (@theRealKiyosaki) January 24, 2022
In May 2020, Kiyosaki predicted that BTC price would hit $75,000, with the target missed when prices topped out at around $69,000.
Bitcoin price is down over 50% since that ATH in November, with the volatility seeing some say the crypto bubble has burst. However, according to Digital Chamber founder Perianne Boring, “volatility is not necessarily a bad thing.”
Speaking to CNBC’s “Squawk Box” she added:
“It's normal to see 30-50% volatility in the crypto markets in any given month. The markets are behaving just as expected.”
In her view, Bitcoin price will likely rebound higher given the cryptocurrency’s fundamentals “are as strong as ever."
BTC/USD currently trades around $33,833, down about 6% in the past 24 hours and more than 21% in the red this past week. The intraday low of $33,064 is the lowest BTC has slipped to since July 2021.