Robert Kiyosaki goes after investors complaining about Bitcoin’s price drop

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Robert Kiyosaki, the millionaire investor and author of Rich Dad Poor Dad, has once again expressed his unwavering confidence in Bitcoin, urging investors to view its recent price dip as a buying opportunity. In a post on the social media platform X, Kiyosaki addressed the concerns of Bitcoin investors who are lamenting its falling value.

“Boo Hoo Boo Hoo: BITCOIN CRY BABIES crying about Bitcoin prices dropping down. Rather than say ‘Thank you’ and buying more ‘Bitcoins’…..cry babies cry,” Kiyosaki wrote. “Buy buy buy not cry cry cry. Be grateful, Grow up and buy more BC.”

His message was clear: instead of panicking over Bitcoin’s price fluctuations, investors should take advantage of the current market conditions to increase their holdings. The author, a long-time Bitcoin advocate, has frequently touted the crypto as a hedge against inflation, severally calling it “digital gold.”

Kiyosaki’s unyielding optimism for Bitcoin despite recent setbacks 

Earlier this year, Kiyosaki made headlines by forecasting that Bitcoin will reach $1 million by 2030, driven by the rise of artificial intelligence (AI). Despite the ambitious nature of his claim, his optimism has not been tempered by the cryptocurrency’s failure to meet his earlier projections.

In 2023, Kiyosaki predicted that Bitcoin would surpass $350,000 by August, a forecast that did not materialize. Nonetheless, he remains confident in Bitcoin’s long-term potential, insisting that market corrections and price fluctuations are part of the asset’s inherent volatility.

He praised Bitcoin’s design, which he believes is “designed to make everyone rich,” even for those who have entered the market late. 

“It is never too late to start…regardless of how high Bitcoin price goes,” Kiyosaki stated when Bitcoin was trading above $100,000 last week.

Buy Bitcoin, gold, silver, be smart: Kiyosaki

Kiyosaki has also issued warnings about the state of the global economy, predicting a major market crash and the onset of a “depression” phase. 

He has advised his followers to focus on accumulating tangible assets such as gold, silver, and Bitcoin rather than holding paper money, which he believes is increasingly vulnerable in today’s unstable financial climate.

“Please be smarter with your money. Hang on to your job and your money,” Kiyosaki urged. “For many people, crashes are the best times to get rich. I plan on getting richer. I want you to get richer and smarter, too.”

This rhetoric is consistent with Kiyosaki’s long-standing view that fiat currencies, especially the US dollar, are subject to inflation and loss of value. 

While Kiyosaki’s message remains one of optimism, he has also cautioned his followers not to get too greedy in their Bitcoin investments. Despite his advice to buy the dip, he urged restraint, saying, “Just don’t get greedy.”

Bitcoin price mirrors market weakness 

Bitcoin’s recent struggles highlight the broader challenges facing the cryptocurrency market, with significant volatility and institutional caution playing a role in the asset’s current state. The ongoing bearish trend has led many to reassess their positions,

At press time, Bitcoin is trading at $93,990, having lost the key $94,000 support level. This drop has contributed to a wave of market-wide crypto liquidations totaling $242.21 million, according to Coinglass data. 

Notably, the split between long and short liquidations has narrowed, with long-side liquidations totaling $128.98 million and short-side liquidations accounting for $113.28 million.

The market has been marked by a lack of institutional support for Bitcoin, as evidenced by the daily net outflow for US spot Bitcoin ETFs, which remains at $226.56 million. While BlackRock has continued to buy into Bitcoin with an inflow of $31.66 million, other major players, such as Fidelity, have seen significant outflows, including $145.97 million in redemptions.

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