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Bitcoin rebounds to $61,000 after a brief drop on Monday.
Bitcoin’s price fell on Monday, hitting a low of $58,400 on Binance, and has decreased by 11% since the beginning of the month. Despite the bearish trend, Robert Kiyosaki, the author of “Rich Dad, Poor Dad,” sees this as a chance to increase his holdings.
“Bitcoin is crashing. Most people should sell. I am waiting to buy more,” said Kiyosaki in a recent post on X.
While Kiyosaki acknowledged that many traders could make money at opportune moments, trading for short-term capital gains comes with tax disadvantages. He prefers buying and holding assets for the long term.
“My strategy is similar to Warren Buffet’s “buy and hold on forever,” Kiyosaki noted, adding that his current priority is to build new businesses rather than actively trading assets.
The famous author suggested that those terrified by Bitcoin crashes should sell and hold a steady job during market downturns.
“If crashes terrify you, sell and hang on tight to your job, which is what most ’employees’ should do,” said Kiyosaki.
The recent Bitcoin crash was partly triggered by selling pressure from Mt. Gox. On Monday, the defunct exchange’s trustee announced plans to repay its creditors in July. Under the rehabilitation plan, creditors will receive repayments in Bitcoin and Bitcoin Cash, estimated to be over $9 billion.
Despite the initial fall, Bitcoin’s price has since rebounded, currently trading at around $61,000, according to CoinGecko’s data.
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