Author of Rich Dad Poor Dad said I’m Waiting for Bitcoin to ‘Test’ $1,100
Mr Kiyosaki predicted in a Tweet that Bitcoin’s price may revisit $1,100. If this turns out to be the case, he will purchase further items. In the event that Bitcoin does not reach its goal price, he will wait for “losers to concede” before purchasing more.
RICH Dad’s lesson. “Losers give up when they fail” Bitcoin losers are leaving the market, with some committing suicide.’ WINNERS learn from their defeats. I am anticipating that Bitcoin will “test” $1100. If it rebounds, I’ll purchase more. If not, I will wait for the losers to “capitulate” before purchasing more.
Cypherpunk Holdings is likely the first institutional investor to sell all of its cryptocurrency holdings. Regarding capitulation and selling, Cypherpunk Holdings declared earlier today that it has changed its cryptocurrency holdings and strategy.
The Toronto-based crypto investment business announced in its release that it has sold 205.8209 ETH for profits of CAD $293k and 214.7203 BTC for proceeds of CAD $6,086,283. The overall selling revenues were emphasised as $6,378,782 CAD.
The Cypherpunk Holdings team also noted that the company’s treasury no longer held any Bitcoin or Ethereum.
CEO of Cypherpunk Holdings Jeff Hao emphasised further that the business sold its Bitcoin and Ethereum owing to the volatility of the cryptocurrency market. He said that the business anticipated unfavourable price activity, thus the decision to liquidate all of its cryptocurrency assets and stay cash-only. He said:
We continue to observe systemic risks spreading throughout the crypto ecosystem, and based on our evaluation of the risk-reward and opportunity expenses involved with holding asset tokens, we believe that the most prudent course of action is to remain on the sidelines while we await the volatility and illiquidity contagion to reach its logical conclusion.
On balance, we expect weaker pricing action to pave the way for further declines as reports of an increasing number of chains suspending withdrawals “temporarily” rise.
Until our market conditions hypothesis changes, our treasury will stay in cash. Cypherpunk retains its long-term positive stance on cryptocurrencies and will aggressively pursue intriguing risk-reward possibilities when they show themselves.