Bitcoin price drops but many investors are still confident to buy more
Bitcoin price is still falling, showing no signs of recovery, but many investors including Robert Kiyosaki are not worried, but are buying more.
On X, many people asked Robert Kiyosaki about his Bitcoin investment process and his long-term vision for the cryptocurrency market. Among them, someone asked, “Why do you continue to only buy Bitcoin and Gold?” Kiyosaki simply replied, “I believe they are much safer than holding cash.”
Kiyosaki's views received mixed reactions.
One user on X suggested that he buy Litecoin because Litecoin is called “digital silver,” and therefore would be a better investment than Bitcoin. This is notable because Kiyosaki has previously expressed a strong preference for physical silver, especially coins.
Another user argued that Bitcoin has one major drawback – its value is still tied to the US dollar, something Kiyosaki often criticizes.
Bitcoin has dropped 4.25% over the past 24 hours, currently trading at $96,145 after briefly touching $100,000 following a weaker-than-expected U.S. non-farm payrolls report.
Despite the price drop, Kiyosaki remains bullish on Bitcoin. In a post on February 3, when Bitcoin fell from $98,000 to $92,200, he declared “this is a buying opportunity.”
Kiyosaki believes that Bitcoin, silver, and gold are currently “bearish” and sees the falling prices as an opportunity to accumulate more cryptocurrencies.
US States Turn to Cryptocurrency Investing
In a historic move, Utah has become the first US state to pass a bill allowing public money to be invested in cryptocurrencies. Now, Kentucky and Maryland are following suit.
While the push for a Bitcoin strategic reserve fund is largely led by Republicans at the federal level, individual states are shaping their own cryptocurrency investment plans.
This week, Maryland introduced a bill to create a Bitcoin strategic reserve fund, similar to the proposal by Senator Cynthia Lummis.
Meanwhile, Kentucky proposed two bills that would allow state pension funds to invest in cryptocurrency ETFs.