Popular personal finance guru and author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his perspective on the recent downturn in Bitcoin’s price, outlining his strategy in response to the market volatility.
Kiyosaki, famously known for his best-selling books took to social media platform X, recently, to advise his followers on navigating the current cryptocurrency landscape, advising against buying Bitcoin ETFs.
However, he advocated for the continuous purchase of Bitcoin.
He acknowledged the significant drop in Bitcoin’s value and suggested that most individuals should consider selling their holdings.
However, he revealed his contrasting approach: “I am waiting to buy more.”
Kiyosaki posted his thought in the form of a Q and A on X:
Q: Would I buy Bitcoin ETFs?
A: No
Q: Why not?
A: For the same reason I do not buy Gold or Silver ETFs.
Q: What is wrong with ETFs?
A: ETFs are FAKE gold, silver, or Bitcoin. For example, a gold ETF can sell 1 ounce of gold 100 times and more via 1 ETF. That is why I own real gold, silver, and real Bitcoin and keep them very safe, away from banks and Wall Street bankers.
He highlighted the potential tax implications associated with short-term trading, cautioning against the immediate sale of assets in response to market fluctuations.
The decline in bitcoin’s price coincided with news regarding the distribution of approximately $9 billion worth of BTC by Mt. Gox to creditors after a prolonged legal process.
Additionally, reports of a substantial sale of seized bitcoins by the German government further contributed to the market’s instability.
Despite the recent downturn, Kiyosaki reiterated his long-standing advocacy for Bitcoin as a viable investment alongside traditional assets like gold and silver.
He has previously predicted significant price increases for Bitcoin, projecting it could reach $350,000 by August.
Drawing a parallel to investment icon Warren Buffett, Kiyosaki described his strategy as akin to Buffett’s philosophy of “buy and hold on forever.”
He underscored his commitment to building assets through entrepreneurial ventures, distinguishing his approach from short-term trading strategies.
Addressing concerns about financial market instruments, Kiyosaki expressed scepticism towards Bitcoin ETFs (Exchange-Traded Funds), cautioning against their use as substitutes for owning physical assets like gold and silver.
He argued that ETFs could lack authenticity by not directly representing the underlying assets they claim to track.
Kiyosaki’s stance reflects his broader critique of traditional financial markets and monetary policies, where he has consistently advocated for investments in tangible assets perceived as outside the influence of centralized financial institutions.
