As Bitcoin (BTC) continues to trade well below this year’s record price highs, popular investor and finance author Robert Kiyosaki has shared his strategy for trading the flagship decentralized finance (DeFi) asset – buying when the price is low and holding onto it indefinitely.
Specifically, the author of the best-selling personal finance book ‘Rich Dad Poor Dad’ has explained that, as “Bitcoin is crashing,” most people are selling, but that he was waiting to buy more, considering that “all markets go up and down,” according to his X post on June 24.
Problem with trading
At the same time, he pointed out the main problem with trading any asset, which, in his view, is ‘short term’ capital gains taxes, so his strategy is “similar to Warren Buffett’s ‘buy and hold on forever.’” Instead of selling, he said he was spending his time “building new assets.”
Indeed, Kiyosaki explained that he was a “serial entrepreneur” and currently working on two new start-ups, arguing that “entrepreneurs and employees are opposite sides of the same coin, and adding that:
“If crashes terrify you, sell and hang on tight to your job, which is what most “employees” should do. (…) Take care. Rough times ahead. Do what is best for you.”
Why Bitcoin?
As a reminder, the ‘Rich Dad Poor Dad’ author is a big fan of the maiden cryptocurrency and has long advocated buying it and other “cash-flowing” assets, like gold and silver, instead of the “fake money” like the US dollar, as a way to safeguard one’s assets against inflation or even possible depression.
Furthermore, when sharing his earlier warning of an upcoming particularly awful crash and his rules to stand by during such a time, Kiyosaki also expressed his view that “crashes are the best time to get rich” as “bargains will float to the surface,” as Finbold reported on May 3.
On top of that, he had earlier also shared the prognosis by Cathie Wood, the founder and CEO of ARK Invest, which manages several exchange-traded funds (ETFs), who previously argued that Bitcoin could hit a staggering $2.3 million per wholecoin, with which Kiyosaki has agreed.
Meanwhile, Bitcoin was at press time changing hands at the price of $60,619, down 2.90% in the last 24 hours, as well as declining 7.66% across the past seven days and accumulating a loss of 12.36% on its monthly chart, according to the most recent data on June 25.
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