Rich Dad Poor Dad author Robert Kiyosaki says he is long-term bullish on Bitcoin (BTC) but says BTC could drop a lot lower before carving a bottom.
The widely followed investor tells his 1.9 million Twitter followers why he believes in the long-term potential of Bitcoin even if BTC drops nearly 70% from current levels.
“I remain bullish on Bitcoin’s future. Waiting for test of new bottom. $20,000? $14,000? $11,000? $9,000? Why do I remain bullish? [Because I believe that the] Fed and Treasury are corrupt organizations.”
Bitcoin is trading for $29,150 at time of writing, down by over 55% from its all-time high of around $69,000.
Earlier this week, following the de-pegging of the TerraUSD (UST) stablecoin, Kiyosaki recalled that he had questioned the validity of stablecoins, which are crypto assets that are designed to trade one for one against fiat currencies such as the US dollar.
“I was right: ‘Why STABLE COINS are UNSTABLE.’ Just before stable coins crashed I warned they were unstable.”
In a prior YouTube interview, Kiyosaki had expressed his doubts about stablecoins arguing that the issuers of stablecoins presented a counterparty risk as they could potentially default on their contractual obligations.
“One of the reasons I have gold coins, and I mean real gold coins, and real silver coins is there is no counterparty risk. I mean, they are the money. So when you say there’s a dollar somebody declares it a dollar and all that. Who’s the counterparty [in the case of stablecoins]? Is it the Wizard of Oz?”
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Featured Image: Shutterstock/KDdesignphoto
