Robert Kiyosaki wrote “Rich Dad Poor Dad” and became famous by providing insights on the mindset of rich people. This brought him international attention and a considerable followership on social media. Kiyosaki is well known to share his thoughts on events that concern the financial world. He is also a huge fan of Bitcoin and one of its most outspoken proponents.

What are his thoughts on Bitcoin and the bear market?

He is not worried at all

According to a series of tweets, Kiyosaki believes that Bitcoin could see new lows between $10,000 and $12,000. Such price targets are not worrisome to the author, instead, he announced that these prices would be good enough for him to buy more Bitcoin.

Kiyosaki also revealed that he invests in Bitcoin for the same reasons he is investing into gold, silver and real estate. It appears that he is not trusting in the Fed's ability to maintain the current financial system and keep it from falling apart. While inflation is, in fact, a huge problem for western nations, the Fed repeatedly increased interest rates throughout this year with little success. It remains to be seen if the Fed can push down inflation without hurting the markets too much.

Still bullish on Bitcoin

It was during one of the recent episodes of the “Rich Dad Radio Show” when Kiyosaki gave his piece of mind on FTX and the impact on the market. Bitcoin is not to blame for the risk the company and his CEO took when borrowing funds against illiquid tokens.

Kiyosaki emphasized that Bitcoin is not the problem, but the fraudulent actors who were behind FTX. The author even dared to call FTX one of the biggest scams in history. Many people feel the same, but the observation is wrong since there were even bigger incidents in the past. With Bernie Madoff setting a record with $65 billion in damages in 2009. Madoff was later sentenced to 150 years in prison where he passed away in April 2021.

Unlike many other people in his age group Kiyosaki believes that Bitcoin is solid as a technology and as an investment. He was not the only Bitcoin proponent who voiced his opinion recently. Elon Musk, Edward Snowden as well as billionaire Bill Ackman reinforced their views in public on Bitcoin and the broader crypto ecosystem. It appears that all of these proponents believe that it will take some time until the market recovers, but eventually, it will.