Renowned author Robert Kiyosaki, best known for 'Rich Dad Poor Dad,' is attributing the recent market downturn to a global cash shortage. Despite the economic turbulence, Kiyosaki remains steadfast in his support for Bitcoin and gold, indicating his intention to acquire more Bitcoin once the crash subsides.
Addressing his 2.8 million followers on social media platform X, Kiyosaki emphasized that he has no plans to sell his Bitcoin or gold, even amid significant market declines. He described the current situation as the bursting of 'everything bubbles,' pointing to a worldwide demand for cash as the primary cause of market instability.
Kiyosaki predicts a scenario he terms 'The Big Print,' where governments may be compelled to engage in extensive money printing to manage escalating national debts. He believes this action will enhance the value of gold, silver, Bitcoin, and Ethereum as traditional currencies falter. For those needing liquidity, he suggests selling some assets, arguing that panic is often driven by immediate cash needs rather than a fundamental lack of belief in the market.
In a subsequent message, Kiyosaki reiterated his optimistic outlook for Bitcoin, vowing to increase his holdings after the market stabilizes. He reminded his audience of Bitcoin's limited supply of 21 million coins and advocated for the creation of 'Cashflow Clubs' centered around his financial board game as a means to collectively learn and avoid financial errors.
Parallel to Kiyosaki's statements, crypto influencer Mister Crypto highlighted that the Bitcoin Fear and Greed Index has plunged to 16, indicating 'Extreme Fear.' Historically, such fear levels have been viewed as potential buying opportunities.
Meanwhile, Santiment, an analytics firm, cautioned traders against premature declarations of a market bottom, warning that widespread optimism about a market rebound often precedes further price drops. With Bitcoin briefly dipping below $95,000, a flurry of social media posts claimed the worst of the downturn was over. However, Santiment noted that true market bottoms typically form when traders are still bracing for further declines.