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Bitcoin prices are heading for their worst month since 2011 and one leading investor says that is great news.
Bitcoin crashes. Good news, Rich Dad, Poor Dad author Robert Kiyosaki tweeted on Sunday, saying it offers a good buying opportunity. When the price reaches $ 27,000, I can start buying again. The fate will depend on the global-macro environment. Remember, gold, silver, or Bitcoin is not the problem. The problem is the incompetent in the government, the Fed and Wall Street. Remember gold was $ 300 in 2000.
In April, Kiyosaki predicted in an interview that the price of bitcoin would hit $ 1 million over the next five years. Yet he said he preferred gold and silver as an investment, calling it God’s money.
GC00 Gold Futures, + 0.03% are currently trading above $ 1,900, up 8% this month, while Silver SI00, -0.28% is at above $ 28, also up about 8% in May.
Kiyosaki is a vocal critic of the Fed, the Treasury Department and the Biden administration, calling them losers and socialists, and predicting the demise of the dollar.
Crypto prices hovered moderately over Memorial Day weekend, avoiding the worst fears of some investors who predicted a bloody weekend of decline.
While bitcoin BTCUSD, -5.10% fell around 5% on Saturday, it rebounded on Sunday and rose around 4% in the previous 24 hours on Sunday night, trading in a range between 33 000 and $ 37,000. Ethereum ETHUSD, -6.65%, prices also fell around 6% on Saturday and rallied on Sunday, up more than 5% in the previous 24 hours. Dogecoin DOGEUSD, -6.41% also rebounded on Saturday and Sunday, and prices lasted pretty much even with the Friday session ending.
Cryptocurrencies are traded 24 hours a day, including Memorial Day on Mondays, and each daily session ends at 5:00 p.m. Eastern Time.
But bitcoin has fallen over 37% so far in May, the worst monthly performance for digital currencies since September 2011. Bitcoin prices then hit a low of around $ 2 in October 2011.
Since peaking in mid-April at nearly $ 65,000, bitcoin has fallen by about 45%.
Despite a few tough months, bitcoin is still up 24% year-to-date and around 270% over the past year.
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