Renowned author Robert Kiyosaki, best known for his book Rich Dad Poor Dad, has revealed his approach to the recent decline in bitcoin’s value. Co-authored by Kiyosaki and Sharon Lechter, Rich Dad Poor Dad has been a consistent fixture on the New York Times Best Seller List for over six years, selling more than 32 million copies in over 51 languages across 109 countries.
Kiyosaki took to social media platform X on Monday to share his thoughts:
“The price of bitcoin is crashing. It’s advisable for most people to sell, but I am patiently waiting to buy more.”
He emphasized the nature of markets, stating, “All markets experience ups and downs. Many individuals profit from ‘trading’ in these markets.” However, Kiyosaki highlighted the issue of taxes when it comes to trading assets, specifically capital gains taxes on short-term investments.
The decline in bitcoin’s price on Monday morning followed the news that Mt. Gox, a prominent bitcoin exchange, plans to distribute $9 billion worth of BTC to creditors in July after years of waiting. Additionally, the German government has started selling a significant amount of seized bitcoins.
Kiyosaki has long been an advocate for bitcoin, as well as gold and silver. He recently predicted that bitcoin will reach $350K in August, asserting that it is the easiest way to become a millionaire. He has consistently urged investors to move away from the U.S. dollar and embrace bitcoin.
On Monday, Kiyosaki emphasized that his strategy aligns with Warren Buffett’s philosophy of “buy and hold on forever.” He explained, “Instead of engaging in asset trading, I devote my time to creating new assets, which is why I consider myself a ‘serial entrepreneur.’ Currently, I am involved in two new start-ups.” Kiyosaki advised, “If market crashes frighten you, then sell and cling to your job, which is the recommended approach for most employees. In simple terms, entrepreneurs and employees are two sides of the same coin. Take care, as challenging times lie ahead. Do what is best for you.”
What are your thoughts on Robert Kiyosaki’s statement that most people should sell bitcoin during its price decline, while he plans to “buy and hold on forever”? Share your opinions in the comments section below.
