Robert Kiyosaki, the renowned author of Rich Dad Poor Dad, has revealed his approach to the recent downturn in bitcoin's value. The book, co-authored by Kiyosaki and Sharon Lechter in 1997, has been a fixture on the New York Times Best Seller List for over six years and has been translated into more than 51 languages, selling over 32 million copies worldwide.
In a post on the social media platform X, Kiyosaki advised on Monday that while bitcoin is currently experiencing a crash, most individuals should consider selling. However, he disclosed that he is opting to wait and purchase more of the cryptocurrency. "All markets have their ups and downs," Kiyosaki emphasized, drawing parallels with Warren Buffett's strategy of "buy and hold on forever."
The decline in bitcoin's price on Monday morning was attributed to the news that Mt. Gox is planning to distribute $9 billion in BTC to creditors in July after a prolonged ten-year wait. Additionally, the German government's decision to sell a significant amount of seized bitcoins also contributed to the market downturn.
Kiyosaki, a long-time advocate for bitcoin, gold, and silver, has consistently recommended investing in the cryptocurrency. He recently predicted that bitcoin could reach $350K in August, asserting that it is the easiest path to becoming a millionaire. Encouraging investors to move away from the U.S. dollar in favor of bitcoin, Kiyosaki reiterated his commitment to holding onto his investments over time.
In light of his investment philosophy, Kiyosaki stated, "My strategy mirrors Warren Buffett's approach of 'buy and hold on forever.'" He further explained that he focuses on building new assets as a serial entrepreneur, currently working on two new start-ups. For those who are unnerved by market crashes, Kiyosaki advised selling and maintaining job security, particularly for employees. He highlighted the fundamental differences between entrepreneurs and employees, urging individuals to make decisions that align with their best interests during challenging times.
What are your thoughts on Robert Kiyosaki's recommendation for most people to sell bitcoin during the current price crash, while he opts for a long-term investment strategy of "buy and hold on forever"? Share your opinions in the comments below.