Bitcoin is headed toward its worst month since 2011; ‘Rich Dad, Poor Dad’ author says that’s ‘great news’

Bitcoin is headed toward its worst month since 2011; ‘Rich Dad, Poor Dad’ author says that’s ‘great news’
on May 31, 2021

Bitcoin prices are headed for their worst month since 2011 — and one prominent investor says that’s “great news.” “Bitcoin crashing. Great news,” tweeted “Rich Dad, Poor Dad” author Robert Kiyosaki on Sunday, saying it provides a good buying opportunity. “When price hits $27,000 I may start buying again. Lot will depend upon global-macro environment. Remember the problem is not gold, silver, or Bitcoin. Problem are the incompetents in government, Fed & Wall Street. Remember gold was $300 in 2000.” In April, Kiyosaki predicted in an interview that bitcoin’s price would top $1 million in the next five years. Still, he said he prefers gold and silver as an investment, calling it “God’s money.” Gold futures GC00, 0.10% are currently trading above $1,900, up 8% this month, while silver SI00, 0.15% is above $28, also up about 8% in May. Kiyosaki is an outspoken critic of the Fed, the Treasury Department and the Biden administration, calling them “losers” and socialists, and predicting the demise of the dollar. Crypto prices seesawed moderately over the Memorial Day weekend, avoiding the worst fears of some investors who predicted a “bloody” weekend of bearishness. While bitcoin BTCUSD, -0.95% fell about 5% on Saturday, it rebounded Sunday and was up about 4% over the previous 24 hours, as of Sunday evening, trading in a range between $33,000 and $37,000. Ethereum ETHUSD, 0.03% prices similarly slid about 6% Saturday and recovered Sunday, up more than 5% over the previous 24 hours. Dogecoin DOGEUSD, -0.61% also bounced around Saturday and Sunday, and prices were last about even with Friday’s end of session. Cryptocurrencies trade 24 hours a day — including Memorial Day on Monday — and each day’s session ends at 5 p.m. Eastern. But bitcoin is down more than 37% so far in May, the digital currency’s worst monthly performance since September 2011. Bitcoin prices later bottomed out around $2 in October 2011. Since its mid-April peak near $65,000, bitcoin has tumbled about 45%. Despite a rough couple of months, bitcoin is still up 24% year to date, and up about 270% over the past year.