The best-selling author of “Rich Dad Poor Dad” Robert Kiyosaki said that this may be the last chance to buy gold and silver at such low prices as the market wrap up a very volatile year.
He forecasted that the low of the gold market will be around USD 1,800 per oz and silver will be around USD 24 per oz.
Robert Kiyosaki is a big proponent of holding gold, silver, and Bitcoin in a portfolio. He suggested his Twitter followers that the current price levels might be the cheapest option to buy precious metals before the rally kicks in.
Cryptocurrency is having a terrible week. Still, long-term investors are really care about the steep drops in the value of digital currency and the temporarily halt of withdrawals in the exchanges.
Bitcoin, the world most valuable cryptocurrency, dropped nearly to USD 21,000 in recent days. it is sitting nearly 70% below its historical high of USD 68,000 per coin in November 2021. Ether, the second most valuable digital currency has lost about nearly 75% of its highs.
Due to the extreme market conditions, crypto exchanges like Binance and Celsius Network temporarily halted withdrawals and indicating that it would “take time” to reopen the exchanges.
In the meantime, Coinbase, the largest cryptocurrency exchange in the United States by trading volume announced it would lay off about 18% of its workforce and citing that “could lead to another crypto winter and could last for an extended period.”
However, the leaders in the cryptosphere are not really worried about the volatile market. They believe that the bear market in crypto is not the same as the bear market for stocks: the lows are more extreme, but then so are the highs. Crypto bear markets usually drew down 85 to 90% and then bounced back according to the past performance. Crypto market is naturally more volatile.
Bitcoin which some investors treated it as digital gold was down more than 50% below its all-time high. It was down 10% again Monday after plunging over the weekend. Bitcoin prices are more than 50% below its record high of nearly USD 69,000 from 2021 and are below USD 31,000 now. Other cryptocurrencies such as Ethereum, Altcoins and Elon Musk’s beloved Dogecoins have been hit hard too.