The crypto market, like the traditional markets, is on fire at the moment. The weak economic outlook in the United States seems to be the main cause of the global panic among investors, with a looming recession on the horizon.
Robert Kiyosaki, the famous author of ‘Rich Dad Poor Dad’, is not getting carried away by the prevailing fear in the market. Instead, he sees the crash as an opportunity to buy Bitcoin (BTC) and precious metals at a discount. He advises his millions of followers to keep a cool head and take advantage of the current market conditions.
Crypto and stock markets crash
The Bitcoin price has been struggling all week, but the absolute coup de grace was delivered last day. Yesterday, the price was still close to $61,000, but after a drop of almost 19%, it briefly dropped below $50,000 early this morning. The enormous drop in price has caused the rest of the market a lot of pain. Ethereum (ETH) was down more than 25% at its peak compared to yesterday, not to mention the price performance of other altcoins.
Global stock markets are also turning deep red, with the Japanese stock market as the absolute low. The Nikkei has suffered its biggest drop since 1987, falling by more than 12%.
For Kiyosaki, the decline did not come entirely unexpectedly. Last month, he warned his 2.6 million followers on social media platform X of “the biggest crash in history”. While this may not seem far from the truth for the Japanese stock market, it is still somewhat exaggerated for the rest of the markets. It is also important to note that the well-known author regularly issues such warnings.
‘Invest when the cowards quit’
Earlier today, Kiyosaki responded to the dramatic collapse in Bitcoin and stock prices, writing that he wanted to profit from the correction by buying more gold, silver and Bitcoin.
Kiyosaki is a well-known skeptic of the traditional financial system and believes that Bitcoin and precious metals can provide the only salvation because they are not dependent on traditional financial markets and their scarcity aspect.
Kiyosaki also encourages his followers to remain calm amid the current market turbulence and to go against the market trend by buying.
“Crashes are times when the brave get richer and the cowards get poorer… because they sell or do nothing. The world is full of poor cowards. Be smart. Show some courage, stay calm and invest when the cowards quit.
Take care of yourself.”
Trade €10,000 for free and get €10 bonus
Want to enter the crypto world and perhaps buy Bitcoin or another crypto? Now is your chance! Thanks to a special deal between Newsbit and Bitvavo, our readers get an exclusive offer.
Create an account at Bitvavo using the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you will also pay no trading fees on your first 10,000 euros in transactions for 7 days after registering your account.* Sign up now!
*Please note that terms and conditions apply to this promotion.
Source: https://newsbit.nl/robert-kiyosaki-reageert-op-bitcoin-crash-blijf-kalm-en-investeer/
