Robert Kiyosaki Does Not Think Bitcoin Is Cheap Enough To Buy the Dip
Recently, Robert Kiyosaki, the highly successful author of the “Rich Dad Poor Dad” series of personal finance books, revealed at what $BTC price level he would be prepared to buy more Bitcoin.
“Rich Dad Poor Dad“, which is one of the top 10 personal finance books of all time, “advocates the importance of financial literacy (financial education), financial independence and building wealth through investing in assets, real estate investing, starting and owning businesses, as well as increasing one’s financial intelligence (financial IQ) to improve one’s business and financial aptitude.”
At various times during the current COVID-19 pandemic, Kiyosaki has been criticizing the Federal Reserve’s response to the resulting economic fallout and strongly urging his large following on social media platforms to protect themselves from what he feels is inevitable high inflation (and possibly hyperinflation) in the future by using their fiat holdings to buy silver, gold, and Bitcoin.
Episode #263 of Anthony Pompliano’s “Pomp Podcast”, which was released on 7 April 2021, featured an interview with Kiyosaki. During that interview, Pompliano asked for Kiyosaki’s thoughts on “traditional inflation hedge” assets.
“Gold and silver are God’s money. Bitcoin is open source people’s money.“
On April 25, Kiyosaki published a tweet warning that the markets were heading for potentially the biggest economic depression in history.
Then, on May 12, Kiyosaki said that he is happy about the recent drops in the Bitcoin price because he is hoping to buy more $BTC below the $20K level, and ideally around $17K.
On May 13, he elaborated on what he had said earlier about crashes being “best times to get rich.”
Although seeing Kiyosaki talk about backing up the truck to buy more Bitcoin if its price fell to as low as $11K or $12K was scary enough for most Bitcoin HODLers, what he said on Tuesday (June 28) was even more shocking, because on this day he tweeted that he is waiting for “Bitcoin losers” to sell him their $BTC at $1100 per bitcoin.
Interestingly, one day before the above tweet, crypto analyst Will Clemente, who is Lead Insights Analyst at Blockware Solutions, took a closer look at the Bitcoin price, and claimed that it was “incredibly cheap.”
Clemente, who was using data from blockchain data and intelligence platform Glassnode, was basing his claim on the fact that the Mayer Multiple is currently around 0.6. The Mayer Multiple, which was created by Trace Mayer “as a way to analyse the price of Bitcoin in a historical context” is “the multiple of the current Bitcoin price over the 200-day moving average.” In other words, Bitcoin is currently trading at a 40% discount to its 200-day simple moving average (SMA).
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