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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Rich Dad, Poor Dad Author Changes His Mind About Bitcoin? BTC Crashes To $23K

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
bitcoin btc btcusd

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The crypto market is in turmoil as Bitcoin, Ethereum, and other larger cryptocurrencies return to levels last seen in 2020. The number one crypto by market cap lost critical support and descended to the lower area of its current levels.

Related Reading | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes

At the time of writing, Bitcoin trades at $23,300 with a 16% and 22% losses in the last 24-hours and 7-days, respectively. As the macro-economic outlook seems bleak, with an increase in inflation and U.S. Federal Reserve (FED) set at stopping it, conditions seem to favor the bears.

Bitcoin BTC BTCUSD
BTC trends to the downside on the 4-hour chart. Source: BTCUSD Tradingview

As a result of the recent downside price action, some Bitcoin supporters have flipped and turned their attention to different assets. Robert Kiyosaki, the best-selling author of the financial book “Rich Dad, Poor Dad”, could be counted in this group.

Kiyosaki has been a long-term Bitcoin supporter. In 2021, he recommended his audience buy Bitcoin to hedge against a potential economic recession.

At the time, the author claimed that a “giant crash” and a “new depression” could hit the U.S. economy. The rise in U.S. dollar inflation, along with an increase in interest rates from the U.S. Federal Reserve (FED), hint at economic hurdles.

But Kiyosaki might not have stuck to his own advice, he posted the following via his personal Twitter account:

Best INVESTMENT:  Cans of Tuna Fish. Inflation about to take off.  Best investments are cans of tuna & baked beans. You can’t eat gold, silver, or Bitcoin. You can eat cans of tuna and baked beans. Food most important. Starvation next problem. Invest in the solution. Take care.

Some people replied believed Kiyosaki might have been joking. Others seem to have taken the advice to heart as they believe the global economy is about to enter a dark time.

Bitcoin Levels Of Support And Resistance

However, Kiyosaki already predicted a crash that could lead to an economic depression. Back in 2021, he said:

BIDEEN & FED need inflation to prevent New Depression. Inflation rips off the poor. Inflation makes rich richer. Biden and Fed corrupt. Prepare: Giant crash then new depression. Be smart Buy, gold, silver, Bitcoin.

The fundamentals that prompted Kiyosaki to trust BTC as a good investment seem to be valid: the cryptocurrency is a way to opt out of the FED-controlled economy and gain more financial freedom.

Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?

At the time of writing, Bitcoin’s order book on Binance looks thin in either direction. There are $7 million in bids around $22,000 and $11 million in asks orders at $26,500. A break below or above either could determine BTC’s price next trend.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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