Robert Kiyosaki - the famous author of the bestselling book "Rich Dad, Poor Dad" - once again talks about bitcoin and how the world's number one cryptocurrency by market capitalization can face a slump once a vaccine for COVID emerges.
When a COVID vaccine is found, Bitcoin will collapse
The idea behind bitcoin right now is that it is a powerful tool that can potentially protect one's wealth from inflation and other difficult economic circumstances.
Many of these situations are caused by the spread of the coronavirus, as a result of which global financial markets have begun to collapse. Shares fell to all-time lows, while bitcoin itself suffered heavily.
The currency fell briefly to around $ 3.000 from $ 9.000 before stabilizing at $ 5.000 - here the quotation in real time. Eventually, after about two months, the currency returned to where it was before. However, Kiyosaki is not convinced that the fortune bitcoin has enjoyed in recent times will last.
He commented in a series of tweets that bitcoin is doing well right now because it is an active tool during a time of crisis, but once a vaccine for the pandemic is found and the crisis ends, bitcoin will find itself once again. in anonymity and downwards.
Kiyosaki also said that one of the big reasons for an eventual disappearance of bitcoin will be that once the coronavirus is overcome, the US will have to deal with the huge debt it has incurred during these troubled times, which ultimately. will have a negative effect on the status and price of BTC.
“US debt. Bankruptcy of the United States. $ 28 trillion of debt on the balance sheet. $ 120 trillion in off-balance sheet social obligations… What will happen when the vaccine is ready? Gold, silver and bitcoin will all crash. Purchase opportunity. True NOT pandemic problem. The real problem of massive US debt… Gold, silver, bitcoin best long-term investments, ”he tweeted.
It's not necessarily a bad thing
His words are especially interesting because, in recent months, Kiyosaki has largely moved away from the likes of gold and silver and pushing bitcoin as the ultimate investment tool.
Interestingly, he is now retracing his steps towards precious metals, recognizing them as elements that must be part of any established reserve fund or portfolio. Furthermore, he points out in his forecasts that although bitcoin may crash, the situation will not necessarily lead to serious problems.
Rather, it will be an interesting investment period for both experienced and novice traders. Kiyosaki believes that the drop in prices that bitcoin, gold and silver will likely suffer will give people the opportunity to buy at lower prices, and then bring these assets back to where they once were, without the effects of an ongoing pandemic. .
