By
Godfrey Benjamin
May 10th, 2024
The millionaire investor criticized the Fed policies and said that hedge assets like Bitcoin will benefit from it. However, the author expects another 30% correction from the current levels and said that he will start buying again at $27,000 levels.
In the last few weeks, Bitcoin (BTC) has entered severe correction showing sideways movement. Even last week, Bitcoin (BTC) faced rejection with its move above $40,000 and continue to trade under pressure. Sharing his recent views, Rich Dad Poor Dad author Robert Kiyosaki called the Bitcoin crash “great news”.
Robert Kiyosaki about Bitcoin
The famous investors further added this has probably been the worst month for Bitcoin since 2011. Besides, the author also thinks that Bitcoin (BTC) could be heading to $27,000 meaning a 30% correction from the current levels. In his tweet earlier today, Kiyosaki wrote:
“When price hits $27,000 I may start buying again. Lot will depend upon global-macro environment. Remember the problem is not gold, silver, or Bitcoin. Problem are the incompetents in government, Fed & Wall Street. Remember gold was $300 in 2000.”
Kiyosaki has been an ardent critic of the Fed and the government citing the recent policy decisions and massive capital infusion. As a result, Kiyosaki has been very bullish on hedge assets like Gold, Silver, and Bitcoin (BTC). When BTC was trading at its all-time high in April 2021, Kiyosaki predicted that the BTC price will touch $1 million in the future.
Several market experts have been weighing their opinions with the recent Bitcoin price correction. Chaddy Kirbaj, vice director at Swissquote Bank in Dubai said:
“Bitcoin dropped from almost $20,000 in December 2017 to $4,000 by March 2020, before rallying, and this time will be no different. “The big tech firms which adopted Bitcoin, such as PayPal, haven’t changed their course, and Mr Musk remains bullish about crypto’s future.”
Kirbaj adds that the Chinese and US Regulatory actions previously didn’t stop Bitcoin from soaring higher. The Swissquote executive further adds that there have been more buyers than sellers during the recent correction.
Big Investors Buying the Dips
Blockchain analysis firm Chainalysis published a recent report explaining the buying behavior in the recent market correction. The company’s Chief Economist Philip Gradwell said that whales poured $3.2 billion during last week’s market correction buying around 77,000 Bitcoins.
These massive purchases came at a time when Bitcoin was trading in the range between $30,000 to $35,000. The firm also notes that those who entered the markets over the last 3-4 months have faced considerable losses. The blockchain analysis firm also notes that over 1.2 million Bitcoins have been moved with 5-25% losses. Similarly, 120,000 Bitcoins have been moved with losses above 25%.
“However, this was a smaller number of bitcoin sent at a loss than in the late 2017 and mid-March 2020 price crashes, suggesting that last week was not the worst capitulation of holders in Bitcoin’s history,” the report states.