MW Bitcoin is headed toward its worst month since 2011; 'Rich Dad, Poor Dad' author says that's 'great news'
By Mike Murphy
Rough month provides a buying opportunity, Robert Kiyosaki says
Bitcoin prices are headed for their worst month since 2011 -- and one prominent investor says that's "great news."
"Bitcoin crashing. Great news," tweeted "Rich Dad, Poor Dad" author Robert Kiyosaki on Sunday , saying it provides a good buying opportunity. "When price hits $27,000 I may start buying again. Lot will depend upon global-macro environment. Remember the problem is not gold, silver, or Bitcoin. Problem are the incompetents in government, Fed & Wall Street. Remember gold was $300 in 2000."
In April, Kiyosaki predicted in an interview that bitcoin's price would top $1 million in the next five years. Still, he said he prefers gold and silver as an investment, calling it "God's money."
Gold futures are currently trading above $1,900, up 8% this month , while silver is above $28, also up about 8% in May.
Kiyosaki is an outspoken critic of the Fed, the Treasury Department and the Biden administration, calling them "losers" , and predicting the demise of the dollar.
Crypto prices seesawed moderately over the Memorial Day weekend, avoiding the worst fears of some investors who predicted a "bloody" weekend of bearishness .
While bitcoin fell about 5% on Saturday, it rebounded Sunday and was up about 4% over the previous 24 hours, as of Sunday evening, trading in a range between $33,000 and $37,000. Ethereum prices similarly slid about 6% Saturday and recovered Sunday, up more than 5% over the previous 24 hours. Dogecoin also bounced around Saturday and Sunday, and prices were last about even with Friday's end of session.
Cryptocurrencies trade 24 hours a day -- including Memorial Day on Monday -- and each day's session ends at 5 p.m. Eastern.
But bitcoin is down more than 37% so far in May, the digital currency's worst monthly performance since September 2011. Bitcoin prices later bottomed out around $2 in October 2011.
Since its mid-April peak near $65,000, bitcoin has tumbled about 45%.
Despite a rough couple of months, bitcoin is still up 24% year to date, and up about 270% over the past year.