Bitcoin prices are facing the worst month since 2011 – and a prominent investor says this is “great news”.
“Bitcoin is crashing. Great news, ”Robert Kiyosaki, author of“ Rich Dad, Poor Dad, ”tweeted on Sunday, saying this was a good buying opportunity. “When the price hits $ 27,000, I can start buying again. The lot depends on the global macro environment. Remember, the problem isn’t gold, silver, or bitcoin. Problem is the incompetence in government, Fed & Wall Street. Remember, gold was $ 300 in 2000. “
In April, Kiyosaki predicted in an interview that the price of Bitcoin would top $ 1 million in the next five years. Even so, he said he preferred gold and silver as an investment and called it “God’s money”.
Gold futures GC00 (+ 0.18%) are currently trading above $ 1,900, up 8% this month, while silver futures (+ 0.29%) are above $ 28, also up 8% in May .
Kiyosaki is an outspoken critic of the Fed, Treasury Department and the Biden administration for calling them “losers” and socialists and predicting the decline of the dollar.
Crypto prices fluctuated moderately over Memorial Day weekend to avoid the worst fears of some investors who predicted a “bloody” weekend of bear market.
While Bitcoin BTCUSD fell -0.55% by about 5% on Saturday, it rebounded on Sunday and rose about 4% in the last 24 hours from Sunday evening, trading in a range between $ 33,000 and $ 37,000. Ethereum ETHUSD, + 0.56% prices also fell 6% on Saturday and rebounded on Sunday, up more than 5% over the past 24 hours. Dogecoin DOGEUSD, -0.06% also rebounded around Saturday and Sunday, and prices were last around the end of the session on Friday.
Cryptocurrencies trade 24 hours a day – including Memorial Day on Monday – and each session ends at 5 p.m. Eastern.
However, in May, Bitcoin was down more than 37%. This is the digital currency’s worst monthly performance since September 2011. Bitcoin prices hit a low of around USD 2 later in October 2011.
Bitcoin has fallen about 45% since peaking near $ 65,000 in mid-April.
Despite some tough months, Bitcoin is still up 24% since the start of the year and around 270% last year.