'Rich dad poor dad' Robert Kiyosaki forecasts Bitcoin cost will fall deeply

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Robert Kiyosaki, famous for his book’Rich Dad Poor Dad’, predicts the collapse of the USD and the chance that Bitcoin will fall in price.

Over the weekend, the purchase price of Bitcoin dropped again after the Chinese government ordered the closure of a string of cryptocurrency mining pools in the nation.

The cost of the world’s biggest cryptocurrency dropped 5.5percent to 34,142 USD / dong June 20 (US time). However, then, the purchase price of Bitcoin increased again to $35,300 / dong. The cost of Ether — the 2nd hottest cryptocurrency — is steady in more than $2,200 each coin.

“The hash rate in China is dropping significantly as the government orders the closure of Bitcoin mining pools. In the long run, mining migration from China is a positive sign. However, in the short term, the market may be about to see new sell-offs,” Bloomberg quoted Jonathan Cheesman, a specialist in the FTX market as saying.

When the cost of Bitcoin plummeted in May, the writer of’Rich Dad Poor Dad’ advised everybody to take advantage of this chance to invest in Bitcoin.

When that the Bitcoin cost dropped to $37,000 on May 30, Kiyosaki declared on his private Twitter which he’ll go back to purchasing Bitcoin when the cost is just $27,000, depending on the global market. He also highlighted the issue here isn’t silver, gold or Bitcoin but the weakness of this authorities, the Federal Reserve (Fed) and Wall Street.

Kiyosaki is called a Bitcoin advocate. He considers that the dollar is depreciating because many authorities are continuously splurging money on individuals. In April 2020, he believed the USD was dying and advised people to buy gold and silver.

Despite forecasting a short-term fall in Bitcoin, Kiyosaki is optimistic about the far future of cryptocurrencies. In April 2021, he believes the Bitcoin price will hit $1.2 million in five decades. The author of the book also asserts that Bitcoin and gold will become more and more appealing as the government continues to print money and present economic stimulus packages, as this lowers the value of the USD.