Bitcoin price will enter its worst month since 2011. The famous investor called Bitcoin’s collapse great news.
Robert Kiyosaki, the author of “Rich Dad, Poor Dad,” said that bitcoin’s collapse provides a good buying opportunity on Sunday. Kiyosaki plans to buy again after the price reaches $27,000. He says a lot is depended on the global macro environment.
Kiyosaki predicted that the bitcoin price would exceed $1 million in the following fine years in an April interview. However, he still prefers gold and silver as investments and calls them “god’s money.”
Gold futures traded above $1,900 this month, which is an 8% increase. Silver was trading above $28, with also an 8% increase.
Cryptocurrency prices fluctuate moderately during the Memorial Day weekend. Thus, avoiding the pessimism of some investors, who expect a “bloody” bear market over the weekend.
Bitcoin well by 5% on Saturday, then rebounded on Sunday and rose by about 4% in the previous 24 hours.
As of Sunday night, the trading price was between $33,000 and $37,000.
The price of Ethereum also dropped by 6% on Saturday. It recovered on Sunday, which is more than 5% higher than the previous 24 hours.
Dogecoin also rebounded on the weekend, and the price remained at the final level after the market closed on Friday.
Bitcoin has fallen more than 37% in May so far. It is the worst monthly performance of the digital currency since September 2011.
Since hitting a peak of $65,000 in mid-April, Bitcoin has fallen by about 45%.
Despite the challenging course of several months, Bitcoin has risen by 24% so far. Overall, it has risen about 270% in the past year.
Wall Street effort to open up Bitcoin investment will raise bitcoin price again
Wall Street wants to open up Bitcoin investment. They stated that it is participating and launching so-called exchange-traded funds related to cryptocurrencies to cope with growing demand.
The market for Bitcoin alone exceeds $670 billion. Companies are investing money in lobbying to persuade skeptical decision-makers that the widespread adoption of digital currencies is feasible. However, lobbyists face an uphill battle, which has become even more difficult after the price volatility in recent days. Investors’ risks are based on broader concerns about whether cryptocurrencies will promote money laundering and tax evasion.
If they are widely adopted, they may threaten the security of the financial market itself.