Crypto Under Pressure, But 'Rich Dad Poor Dad' Author Recommends Buying Bitcoin — Here's Why
Despite the current bearishness in the crypto market, renowned investor Robert Kiyosaki, is bullish on the world's largest and most popular digital token.
Cryptocurrency bitcoin fell below $90,000 on Monday, after the selloff gathered pace following the steepest monthly decline since mid 2021, as renewed risk aversion drove investors out of stocks and digital assets. Despite the bearishness in the crypto market, renowned investor Robert Kiyosaki, is bullish on the world's largest and most popular digital token.
The author of the titular 'Rich Dad Poor Dad' series took to microblogging platform 'X' (formerly Twitter) and said in a post, "Practicing what I teach….I have been saving silver since 1965….gold since 1972, Bitcoin since 2019….Ethereum since 2023." He added that he recently purchased his $ 4.5 million home for $450,000 in gold purchased in 2000.
Notably, bitcoin shed more than $18,000 in November, as a record amount of money rushed out of the market, making this its largest dollar loss since May 2021, when a number of cryptocurrencies collapsed.
Explaining his wealth building lesson, Kiyosaki elaborated in his post on 'how much will $100 buy?' He went on to give the value the said amount would buy in specific years.
"1900: $100 would buy 8 months of groceries.
1960: $100 was worth $37
2000: $100 worth $6
2025: $100 worth $3.80," he said.
The entrepreneur explained his Money tip #2: On how to be a winner as the global economy crashes is:
“Stop Being a Loser.”
Losers are losers because they continue to think…using old $ ideas….taught them by their mommy and daddies.
Losers in this crashing economy will fight like dogs…hanging on to old $ ideas….like the rest of the world’s losers.
In Rich Dad Poor Dad, published in 1996…. I warned “Savers are losers," he said. Kiyosaki is an American businessman and author, known for his series of personal finance books. He founded the Rich Dad Company, which provides personal finance and business education through books and videos.
Bitcoin last fell by as much as 6.1% at one point. Earlier in the session, it was down 5.2% at $86,461, set for its biggest one-day fall in a month and hovering near last month's eight-month low of $80,553.
ALSO READ
'Rich Dad Poor Dad' Author Robert Kiyosaki Defends Crypto As Bitcoin Falls 30% From Record High
The author reiterated in his post, "My lesson #2 on how to be a winner as the world economy crashes is:
“ Stop thinking like an OG loser.”
Old ideas are expensive. New ideas are expensive," he said.
Since hitting a record of around $4.3 trillion in size, the crypto market has lost over $1 trillion in value, according to CoinGecko. On average, bitcoin has a tendency to rise by 9.7% in December, ranking it third in terms of performance, with October being the strongest month, with an average gain of 16.6%, and with September, the weakest month, with an average loss of 3.5%.
