We are all aware of Robert Kiyosaki and his tremendous place in the world of investments and business. The author of the best-selling book ‘Rich Dad Poor Dad’ states that he intends to buy more bitcoins when the price falls. The number for the digital currency should reach $20,000 and then, the investor says, comes the time to get richer. Robert Kiyosaki shared his plans on Tweeter about his steps towards the digital coin.
Can we follow Kiyosaki’s advice? When we have a deeper look at his autobiography, then we certainly can! In 1997, Kiyosaki and Sharon Lechter published the book ‘Rich Dad Poor Dad’. For over six years, the book has been on the New York Times Best Seller List. They have been sold more than 32 million copies of the book in over 51 languages across more than 109 countries. The book teaches the reader the financial essential dogmas all over the world and the author himself is a true example of a successful investor.
Earlier Kiyosaki bought bitcoins at $6,000 and $9,000. Last year the businessman warned about inflation and shared his plans for future purchase on gold, silver, bitcoin, ethereum, rental real estate and oil. He expected the financial markets to collapse in October, but it did not. The writer called the reason for the future collapse of the world economy the highest US debt.
In the summer, Kiyosaki called for buying bitcoin, gold and silver, as these assets would help weather the crisis. Kiyosaki says that it is great news to watch the price of bitcoin crashing. The investor’s principle is that ‘your profits are made when you buy, not when you sell.’
Let’s take into account the opinion of the ex-head of BitMEX. Arthur Hayes is sure that the level of support at around $28.5 thousand may not handle with the pressure of the biggest investors. The price of bitcoin can fall to $20,000 if it breaks through the support level, which is at around $28,500, according to Arthur Hayes, former CEO of the BitMEX crypto exchange. He warned that this level of support might not be as strong as cryptocurrency holders believe.
Hayes recalled that they are guided by this mark, since it held back the fall of bitcoin in the summer of 2021. However, the real strength of this level will take place after several price attempts to break through it again.
In June 2021, the price of bitcoin dropped to $28,000 because of the largest hash rate drop in the history of the cryptocurrency, caused by a massive relocation of miners from China. The Chinese authorities have introduced a complete ban on the mining of cryptocurrencies and transactions with digital assets.
According to Hayes, if bitcoin continues to fall in price and breaks through the $20,000 mark, then this will be disastrous, since this level is the local maximum of 2017. On January 26, Bitcoin is trading at $37.7 thousand, and its capitalization is $716 billion, according to CoinGecko. On January 24, the cost of cryptocurrency for the first time since July fell to $32.9 thousand.
On March 28, 2022, a preliminary court will take place hearing in the case of the BitMEX crypto exchange. The former CEO of the trading platform, Arthur Hayes, and the co-founders of the platform, Samuel Reid and Ben Delo, will appear before the court. US authorities filed charges against BitMEX management in October 2020.
The Commodity Futures Trading Commission (CFTC) alleges that they operated an unregistered trading platform and violated CFTC rules, including anti-money laundering and customer identification.