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'Rich Dad, Poor Dad' Author Says Bitcoin Crashing Is Great News

By Samyuktha Sriram

"Rich Dad, Poor Dad" author Robert Kiyosaki believes that Bitcoin’s (CRYPTO: BTC) downward spiral is “great news.”

What Happened: In a tweet on Thursday, the outspoken author said he was waiting for Bitcoin to crash to $20,000.

“Will then wait for test of bottom which might be $17k. Once I know bottom is in I back up the truck. Crashes are best times to get rich. Take care,” said Kiyosaki.

See Also: HOW TO BUY BITCOIN (BTC)

Last year, Kiyosaki predicted a “giant stock market crash” would come in October and recommended buying gold, silver and Bitcoin as opposed to traditional stocks. Earlier this year, he foresaw the U.S. government seizing all cryptocurrency and converting it into “government crypto.”

Bitcoin lost support at $30,000 and fell to a low of $26,350 on Thursday, as per data from Benzinga Pro.

Since Kiyosaki’s tweet, BTC has gained 13.67% and was trading at $30,300 at the time of writing. Over the last seven days, BTC is still down 16.71%.

The leading digital asset’s decline this week followed the collapse of TerraUSD (CRYPTO: UST) – an algorithmic stablecoin tied to the Terra (CRYPTO: LUNA) blockchain. Before the start of this week, LUNA was a top 10 cryptocurrency with a market cap of $40 billion. Today, LUNA has lost 99.99% of its value and is currently trading at $0.00005628.

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Dive Deeper:
'Rich Dad Poor Dad' Author Warns Of Economic Pain, Says Baby Boomers Will Be 'Biggest Losers'
"Rich Dad, Poor Dad" and personal finance author Robert Kiyosaki says that the U.S. is facing a future of unprecedented…
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Shanghai High Court Deems Bitcoin 'Virtual Property'
The Shanghai High People’s Court classified Bitcoin (CRYPTO: BTC) as virtual property protected by Chinese law despite a nationwide cryptocurrency trading…
One subscription that gives you access to news from hundreds of sites
'Evil genius' may have caused Terra and Luna cryptocurrencies to crash in a 'death spiral'
The devastating effects of the crash of crypto "stablecoins" Terra and Luna are being felt by many but their crash…
Bitcoin, Ethereum, Dogecoin Extend Losses On Inflation Report, Terra (LUNA) Fiasco: Whales Become 'Extremely Active' For This Coin
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Get all your news in one place