Business In News
- “Savers are losers,” states Rich Dad Poor Dad author Robert Kiyosaki on his official Twitter account @therealkiyosaki
- Mr. Kiyosaki has noted that such market crashes will make savers the biggest losers.
- Mr. Kiyosaki has previously predicted that Bitcoin might find a bottom at $17,000 or $11,000.
Robert Kiyosaki, the author of the popular book Rich Dad Poor Dad, stated on his official Twitter account @therealkiyosaki that he believes “savers are losers.” The following expression was also used in his investing book Rich Dad Poor Dad, where the poor dad’s habit is saving money. “A dollar saved is a dollar earned,” his poor dad used to say, according to Rober Kiyosaki, not realizing that after 1971 his dollar was no longer money. Since Richard Nixon changed the rules of money in 1971, the dollar ceased to become money and became a currency according to Kiyosaki,
Following this, Kiyosaki states that today’s US debt is in 100s of trillions, and actual inflation stands at 16%, not 7%. He states that the FED’s increase in interest rates will destroy the US economy.
Robert Kiyosaki predicted in May this year that Bitcoin’s bottom may be in at $17,000 or even lower at $10,000.
Bitcoin’s price currently sits at $19,821.82 according to data from CoinGecko, having plummetted as low as $17,627.3 earlier this year.
Is the Bitcoin Bottom In?
In many long-term investment charts, Bitcoin has reached oversold levels, such as the Bitcoin Investor Tool: 2-Year MA Multiplier. The chart’s purpose is to highlight the periods when buying or selling Bitcoin would have produced outsized returns. Buying Bitcoin where the price has dropped below the 2yr MA (green line) has historically generated outsized returns for investors. Bitcoin’s price is currently sitting below the green line.
Another chart that indicates oversold levels are the Bitcoin Rainbow Price Chart Indicator. According to this indicator, Bitcoin is currently sitting in “Fire Sale” mode.