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Bitcoin price could bottom at $10,000 - Robert Kiyosaki

Kitco News

(Kitco News) The collapse of the cryptocurrency trading company FTX has dragged the crypto space into another cycle of fear, uncertainty, and doubt (FUD), with Bitcoin also taking a heavy hit. As investors look for prices to bottom, Robert Kiyosaki, the best-selling author of 'Rich Dad Poor Dad,' says for Bitcoin, it could be $10,000.

The world's largest cryptocurrency was last trading at $16,637, down 17.7% on the week. Bitcoin is now 75.8% off its record high of $69,000, posted about a year ago.

Kiyosaki reminded his followers on Twitter that he is a big proponent of Bitcoin, gold and silver. And will use this selloff in crypto as an opportunity to stock up on Bitcoin if it drops to $10,000-$12,000.

"BITCOIN? WORRIED? No. I am a Bitcoin investor as I am an investor in physical gold, silver, & real estate. I am NOT A TRADER or flipper. When BITCOIN hits new bottom, $10 to $12 k? I will get EXCITED, not worried. I bet against the Fed, Treasury, Biden, & bet on G [gold], S [silver], & Bitcoin," he tweeted Friday.

When Bitcoin began to crash in May, Kiyosaki described it as "great news" and projected a fall to $20,000.

"I am waiting for Bitcoin to crash to 20k. Will then wait for test of bottom, which might be $17k. Once I know the bottom is in, I back up the truck. Crashes are best times to get rich," he said.

His prediction came true when Bitcoin briefly touched a low of $17,000 on June 18.

In another message to his followers in October, the best-selling author said it was time to use the Federal Reserve's aggressive stance to buy more gold, silver and Bitcoin

"BUYING OPPORTUNITY: if FED continues raising interest rates U.S. $ will get stronger, causing gold, silver & Bitcoin prices to go lower. BUY more. When FED pivots and drops interest rates as England just did, you will smile while others cry. Take care," he tweeted.

Kiyosaki sees silver jumping to $100 and then to $500 within this decade.

In mid-June, Kiyosaki also gave investment advice on surviving this highly inflationary environment, telling his followers to stock up on cans of tuna.

"Best INVESTMENT: Cans of Tuna Fish. Inflation about to take off. Best investments are cans of tuna & baked beans. You can't eat gold, silver, or Bitcoin. You can eat cans of tuna and baked beans. Food most important. Starvation next problem. Invest in the solution. Take care," he said.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.