Passakorn Prothien / iStock.com
Bitcoin continued its rollercoaster ride on May 20, gaining more than 3% over a 24-hour period, with the cryptocurrency’s price fluctuating from a low of $28,829.20 to a high of $30,718.50. Bitcoin is still down more than a third before 2022 amid a wider cryptocurrency crash — which could mean now is the time to buy, according to at least one financial guru.
See: 22 Side Gigs That Could Make You Richer Than a Full-Time Job
Search: 10 Costco Branded Items with the Best Bargains in May
That guru, businessman and “Rich Dad Poor Dad” author Robert Kiyosaki, said in a May 12 tweet that “Bitcoin crashes” is “great news.” He went on to say:
“As mentioned in previous tweets, I am waiting for Bitcoin to crash to 20k. Will then wait for the test of the bottom which could be $17k. As soon as I know the bottom is in, I back up. Crashes are the best times to get rich.”
Kiyosaki did not back down from those comments this week, even as bitcoin continued to bounce up and down. In a tweet dated May 19, he said, “I remain optimistic about Bitcoin’s future. Waiting to test new bottoms. $20k? $14k? $11k? $9?”
Of course, Kiyosaki — who has built a reputation as a contrarian with a penchant for broad and searing pronouncements — didn’t stop there. He went on to say that the reason he remains optimistic about bitcoin is because the Federal Reserve and the Treasury Department are “corrupt organizations”, although he offered no further insight as to why, or what that has to do with the price of Bitcoin. bitcoin .
Discover: 6 Alternative Investments to Consider for Diversification in 2022
In any case, Kiyosaki is clearly urging investors to put money into an asset that is down a whopping 56% from its November high of $68,990. Kiyosaki doesn’t say when to buy, though, other than waiting for the bottom. That is difficult to predict given the price volatility. Kiyosaki speculates that the price could fall below $10,000 – a price that bitcoin has not seen since the summer of 2020.
That much is certain: most of the bitcoin investors who bought the crypto this year have lost money. Even if you bought it a month ago, when some speculated that it was ready to hit around $41,000, you would have already lost about a quarter of your investment.
That is why many financial experts say that you should treat bitcoin as a long-term investment and be prepared to experience the extreme ups and downs.
If you are not comfortable buying the coin directly, one option is to invest in a Bitcoin exchange-traded fund such as ProShares Bitcoin Strategy ETF (BITO). It began trading on NYSE Arca in October 2021, becoming the first US bitcoin-pegged ETF on the market, Yahoo Finance reported. The fund has bitcoin futures contracts traded on the Chicago Mercantile Exchange.
More from GOBankingRates
About the author
Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work has also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He has a BA in English from Appalachian State University and a journalism degree from the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards, and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. Born in North Carolina and also writing fiction, Vance’s short story, “Saint Christopher,” came second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.