Bitcoin Rally and Kiyosaki’s Insights
After hovering around the $80,000 mark for nearly a week, Bitcoin (BTC) faced concerns of entering a downtrend that might trigger a new bear market phase. However, on Sunday, March 23, the cryptocurrency embarked on an upward trajectory, reaching a striking price of $87,686 by March 24.
Robert Kiyosaki’s Enthusiasm for Bitcoin
The surge in Bitcoin’s value was accompanied by a positive post from the renowned investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ Robert Kiyosaki. Known for his outspoken support of Bitcoin, Kiyosaki took to social media to highlight Bitcoin’s potential as a tool for accumulating generational wealth.
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The Key to Riches According to Kiyosaki
Kiyosaki’s message was concise yet powerful, asserting that Bitcoin simplifies the process of building wealth. He emphasized that the current moment represents one of the greatest opportunities in history for individuals to achieve financial success through Bitcoin.
Kiyosaki’s Take on Psychological Barriers
Delving deeper into the mindset of investors, Kiyosaki shed light on two psychological phenomena that often hinder financial growth: FOMO (Fear of Missing Out) and FOMM (Fear of Making Mistakes). He argued that the latter, FOMM, is a significant hurdle for many traders, causing them to miss lucrative buying and selling opportunities due to their apprehension about making errors.
Navigating the FOMM Challenge
For instance, investors who overcame their cautious instincts and purchased Bitcoin when it dipped below $80,000 on March 11 would have seen their investment grow to $1,090.39 at press time, even if they didn’t buy at the lowest point of $77,000. Conversely, succumbing to FOMO and buying when Bitcoin was above $100,000 previously would have resulted in an investment worth only $862.55 from an initial $1,000.
Making Informed Decisions in Crypto Investment
Kiyosaki encourages individuals to consider purchasing Bitcoin but stresses the importance of making informed decisions based on personal judgment. While he acknowledges the bullish outlook of some forecasts, he advises traders to follow influential figures and learn from both Bitcoin advocates and skeptics.
Kiyosaki’s Alternative Approach to Education
In a departure from traditional education methods, Kiyosaki advocates for utilizing platforms like YouTube to gain insights and knowledge. He advises his followers to avoid falling into the FOMM trap and underscores the importance of self-education, urging them to “get smart… get educated… for FREE.”
