Markets and Prices

Rich Dad Poor Dad’s Robert Kiyosaki Thinks Bitcoin Could Bottom Out at $9K — Reveals Why He Remains Bullish

22/05/2022 by Idelto Editor

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has explained why he is still bullish about bitcoin. He’s waiting for the cryptocurrency to test a new bottom before getting in, which he indicated could be as low as $9K.

Kiyosaki Believes the Price of Bitcoin Could Fall to $9K

The author of Rich Dad Poor Dad, Robert Kiyosaki, is still bullish about bitcoin. He’s waiting for the price of BTC to test a new bottom before getting in.

Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki tweeted Wednesday, “I remain bullish on bitcoin’s future.” He added that he’s waiting for bitcoin to test a new bottom, suggesting that it could be $20K, $14K, $11K, or even $9K.

The famous author proceeded to explain why he’s still bullish about bitcoin. The Federal Reserve and the Treasury Department are corrupt organizations and they will self-destruct before they regain honesty, integrity, and moral compass, Kiyosaki described.

Last week, Kiyosaki tweeted that he’s waiting for the bottom before getting into bitcoin. At the time, he expected the bottom to be around $17K but later said that it could even be lower, at $11K.

This was also not the first time Kiyosaki has expressed his distrust towards the Biden administration, the Treasury, and the Fed. The famous author has also been recommending bitcoin to investors for quite some time.

In March, Kiyosaki said the U.S. dollar was about to implode, blaming President Biden for causing inflation. He recommended gold, silver, bitcoin (BTC), ethereum (ETH), and solana (SOL) as investments at the time.

However, Kiyosaki also previously warned that crypto is not without its problem. He cautioned that eventually, the government will seize all cryptocurrencies and fold them into a government crypto. Nonetheless, he said that the Russia-Ukraine war is “giving rise to crypto as a safer haven than government fake fiat money.”

What do you think about Robert Kiyosaki’s comments? Let us know in the comments section below.

Microstrategy CEO Expects Bitcoin to ‘Go Into the Millions’ Despite Crypto Market Sell-Off

20/05/2022 by Idelto Editor

Microstrategy’s CEO has predicted that bitcoin is “going to go into the millions” despite the recent cryptocurrency market sell-off. Noting that the cryptocurrency is the future of money, he said: “We are in it for the long term.”

Microstrategy Sees Bitcoin as the Future of Money

The CEO of the Nasdaq-listed software company Microstrategy, Michael Saylor, shared his bitcoin outlook Thursday in an interview with Yahoo Finance Live.

The executive is still bullish on bitcoin despite the recent sell-off. He was asked whether there is a price target at which Microstrategy will start liquidating some of its bitcoins. The company is currently hodling 129,218 BTC.

“No,” the CEO replied, emphasizing, “we are in it for the long term.” He elaborated: “Our strategy is to buy bitcoin and hold the bitcoin, so there’s no price target. I expect we’ll be buying bitcoin at the local top forever.” He continued:

I expect bitcoin is going to go into the millions. So, we’re very patient. We think it’s the future of money.

Commenting on cryptocurrency regulation, he noted that “There’s been a deadlock in D.C. and on Capitol Hill around stablecoin regulations and around securities token regulations.” Saylor added that “the Administration wants to move faster” but “Congress is moving slower.”

The Microstrategy chief opined:

I think this meltdown of LUNA, UST, that’s going to accelerate the regulations of stablecoins and security tokens, which will be a good thing for the industry.

“Over time, I think as people get educated and as they get more comfortable, I think we’ll recover from this drawdown,” he concluded.

Saylor has long been bullish on bitcoin. In February, he said there’s evidence of a lot more institutional adoption. In November last year, he said bitcoin will emerge as a $100 trillion asset class.

What do you think about the comments by Microstrategy’s CEO? Let us know in the comments section below.

Veteran Investor Bill Miller Remains Bullish on Bitcoin — Confirms He Has a Lot of BTC

16/05/2022 by Idelto Editor

Famed value investor and fund manager Bill Miller says he has “a lot” of bitcoin and has not sold any despite the recent crypto sell-off. He insisted that investors should put some of their liquid net worth in the cryptocurrency.

Bill Miller Shares His Bitcoin Outlook

Famed value investor Bill Miller is still bullish about bitcoin despite recent price declines. He confirmed in an interview with CNBC Thursday that he owns “a lot” of bitcoin and hasn’t sold any.

Miller is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firm’s Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management.

He explained that if bitcoin goes down to half its current price, he wouldn’t be surprised due to its volatility. However, “I would be grim because I own a lot of it,” the fund manager said.

Miller was asked, “Are you selling any [bitcoin], have you sold any?” He replied:

The short answer is no.

However, he clarified that he sometimes sells “stuff” to meet margin calls. “I’ve sold stuff to meet margin calls because I’m always on margin and the stuff that you sell is the stuff that is very, very liquid, for me anyway,” he explained, without mentioning BTC specifically.

At the time of writing, bitcoin is trading at $30,064, up 1.5% in the past 24 hours but down 15.5% in the last seven days and almost 25% in the past 30 days.

Commenting on investors losing money amid crypto sell-offs last week, Miller said: “If people have lost a lot of money in crypto, they have been speculating on the stuff they don’t know anything about, especially if they are surprised to have lost money because most of the ICOs [initial coin offerings] that came around in 2017 have gone to zero.”

There are currently almost 20,000 cryptocurrencies, according to Coinmarketcap. Miller said: “All except for bitcoin, including ethereum, have competition.” He noted that he does not have the expertise to evaluate all crypto projects but is “comfortable with bitcoin.”

Miller was also asked if he thinks bitcoin is a buy at $29,000. He replied:

I haven’t heard a good argument about why you wouldn’t put 1% of your liquid net worth in bitcoin.

He added that it is especially true if you lived in countries like Venezuela, Argentina, Lebanon, Turkey, Nigeria, Iraq, Ukraine, and Russia. The famed investor noted: “Russia lost 50% of their reserves when the U.S. decided it was going to sanction them.” He said in March that this is “very bullish for bitcoin.” Miller previously called BTC an “insurance against financial catastrophe.”

What do you think about Bill Miller’s comments? Let us know in the comments section below.

Veteran Investor Mark Mobius Expects Bitcoin to Fall Further — Cautions Crypto Traders Against Buying the Dip

14/05/2022 by Idelto Editor

Veteran investor Mark Mobius, the founder of Mobius Capital, has cautioned cryptocurrency traders against using the “buy the dip strategy.” He expects the price of bitcoin to plunge further with some temporary relief happening at $20K.

Mark Mobius’ Warning and His Bitcoin Price Prediction

The founder of Mobius Capital Partners, Mark Mobius, warned crypto traders about buying the dip in an interview with Financial News Friday. He also shared his price prediction and future outlook for bitcoin.

Prior to starting his own company, Mobius was executive chairman of Templeton Emerging Markets Group. He joined Templeton in 1987 where he managed more than $50 billion in emerging markets portfolios.

While acknowledging that some crypto traders have previously been successful using the “buy the dip strategy,” he stressed that it is not a strategy that would pay off while the market still has some way to fall. Commenting on buying the bitcoin dip specifically, the 85-year-old founder of Mobius Capital told the publication:

It will not work this time until bitcoin hits $20,000, from where there might be a bounce but then the next target will be $10,000.

Some people have expressed similar warnings on social media, especially after the collapse of terrausd (UST) and terra (LUNA). UST lost its peg against the U.S. dollar and is currently trading at $0.11 while LUNA is near worthless.

“Terra Luna provides a perfect example of why you shouldn’t always ‘buy the dip,’” Gold bug Peter Schiff tweeted Thursday. “Yesterday Luna was down 98%. If you bought that dip thinking the crash created a great buying opportunity you lost 99.3% today. This can happen to any crypto.”

However, many bitcoin investors are not buying the dip to time the market for a quick profit; they plan to hold their BTC long-term. Those who believe that the price of the cryptocurrency will reach $100,000 this year, for example, are happy to get in at any price below that target.

Mobius has long been a bitcoin skeptic. In October, he told the news outlet that cryptocurrency “could really blow up,” emphasizing that it was a risk that central banks “should be paying attention to.”

He advised people in November not to look at cryptocurrency as a means to invest. “It’s a means to speculate and have fun. But then you’ve got to go back to stocks at the end of the day,” he said.

What do you think about Mark Mobius’ warning? Let us know in the comments section below.

Crypto Downturn Shakes Digital Collectible Markets as NFT Sales Slip 42% Lower Than Last Week

10/05/2022 by Idelto Editor

Non-fungible token (NFT) markets are starting to feel the pain from the crypto market carnage that’s taken place during the last week. Over the last seven days, NFT sales have dropped 42.85% lower than the previous week. NFT sales on Ethereum were hit the hardest as the blockchain saw a 44.83% loss in NFT sales volume this past week.

Crypto Economy’s Downward Spiral Begins to Plague NFT Sales

NFT sales are down this week as seven-day sales metrics show across 16 different blockchains, NFT sales slipped 42.85% lower than last week. Sales stemming from Ethereum were down 44.83%, but the top eight blockchain networks by NFT sales were all down this week.

Solana sales are down 19.65%, Polygon NFT sales slid 35.63%, Flow sales are 36.19% lower, and Avalanche NFT sales are down 29.26%. Tezos, however, saw NFT sales increase 51.09% higher than the week prior.

Despite Ethereum-based NFT sales dipping by more than 42%, ETH-based NFTs saw $828.7 million in sales which is 88.17% of the $939.8 million in seven-day NFT sales. The top NFT collection this past week is the Otherdeed NFT compilation which has seen $189.3 million in sales.

Although, Otherdeed sales are down 71.39% during the past seven days. An NFT project called Projectpxn holds the second position in terms of weekly sales with $89.6 million. The NFT project called Beanz has sold $68.4 million in NFTs and sales are up 193.53% higher than last week, according to metrics stemming from cryptoslam.io.

The most expensive NFT sold during the last seven days was Bored Ape Yacht Club (BAYC) 17, which sold four days ago for 410 ether or $1.12 million. Bored ape 17 was followed by Otherdeed 33, and that NFT sold for $979K or roughly 333.33 ether.

An NFT called Ken Hicks sold for 332.52 ether or $849K and Otherdeed 54 exchanged hands for $791K or roughly 50,000 APE five days ago. Otherdeed 66,813 sold a day ago for $776K or 303 ether and Otherdeed 26 exchanged hands for $733.5K or 249 ether five days ago.

What do you think about this week’s NFT sales volume dropping 42% lower than last week? Let us know what you think about this subject in the comments section below.