Rich Dad author Robert Kiyosaki discusses the recent cryptocurrency market decline

Robert Kiyosaki, author of the personal finance book ‘Rich Dad, Poor Dad,’ has dug into the present status of the cryptocurrency industry as the story surrounding the FTX exchange continues to play out.

Due to the crisis, assets such as Bitcoin (BTC) are unable to maintain important positions and face the risk of additional drops.

Kiyosaki said in a tweet on November 11 that he is “not concerned” about Bitcoin’s current price trend, but that a potential price drop to around $10,000 would be “exciting.”

At the same time, the author praised gold and silver as investment standouts while criticising Federal Reserve and Treasury policy.

Notably, Kiyosaki has emerged as a long-term Bitcoin believer despite the asset’s lengthy bad market. The author has previously warned of an imminent financial meltdown and emphasised that Bitcoin may serve as a buffer in such a scenario.

According to Finbold, Kiyosaki said that Bitcoin might save wealth but emphasised that the asset does not guarantee income security.

According to Kiyosaki, the central bank’s attempts to combat the growing inflation might cause a collapse.

Despite Kiyosaki’s positive stance on Bitcoin, the asset’s potential price bottom suffered a knock as the FTX crypto exchange experienced a liquidity shortage. Notably, Bitcoin has surpassed the $20,000 mark and has since corrected it to $16,000. At press time, the price of the leading cryptocurrency was $16,800.

Bitcoin has continued to be subject to intense selling pressure, as seen by the large capital outflow. Specifically, as of press time on November 11, Bitcoin’s market valuation was $323.38 billion, signifying a decline of $85.32 billion from November 5’s $408.7 billion.

Also Read: Dollar Index (DXY) Parabolic Rise Fails Due To Falling US Inflation