Bitcoin experiences a significant drop below $95,000, influenced by strong US labor market data and investor caution. Kiyosaki expresses optimism about Bitcoin's long-term potential despite the price decline.
Bitcoin dropped below $95,000 on Wednesday, losing almost 8% in the past day. Amidst increased volatility, investors appear to be taking a cautious approach. Kiyosaki commented on X, expressing optimism about Bitcoin despite the recent price dip. Famous for his bestselling personal finance book Rich Dad Poor Dad, Kiyosaki labeled the cryptocurrency's downturn as 'great news,' viewing it as a chance to buy at a lower price and emphasizing its 'sale' status.
He reiterated his belief in the 'buy low and hold' investment strategy for the long term. Highlighting Bitcoin's limited supply, Kiyosaki pointed out that less than two million BTC remain to be mined. Kiyosaki has been a strong supporter of Bitcoin and frequently advises investors to consider it as an effective hedge against inflation. In a recent New Year's prediction, the financial expert forecast that Bitcoin could reach $175,000-$350,000 by 2025. This optimistic outlook aligns with previous projections. This positive view is part of a broader perspective on the cryptocurrency industry, which he believes is entering an 'Infinity Age' characterized by mainstream acceptance and integration with the global financial system. Bitcoin's retreat towards the $95,000 support level follows unexpectedly strong US labor market data. The JOLTS job openings report revealed 8.1 million vacancies, surpassing the projected 7.74 million. This labor market strength triggered a risk-off sentiment, leading to a sell-off in risky assets as long-term bond yields climbed. The sharp decline in Bitcoin's price resulted in $206 million in liquidations within just one hour. The sell-off's impact rippled through equities, with the Nasdaq and S&P 500 illustrating broader market weakness, trading near 21,200 and 5,900, respectively. Meanwhile, Bitcoin ETF inflows have significantly decreased by 94%, dropping to $52.9 million from a previous $987 million
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