Summary:
- Robert Kiyosaki has stated that he is waiting for Bitcoin to test $1,100 for him to buy some more.
- Mr. Kiyosaki also pointed out that if his target is not reached, he will wait for losers to capitulate so he can buy some more.
- In terms of selling, institutional investors have started doing so as Cypherpunk Holdings has sold all its Bitcoin and Ethereum.
Rich Dad Poor Dad author Robert Kiyosaki has once again provided insights into Bitcoin’s ongoing price action during the crypto drawdown.
Mr. Kiyosaki has forecasted through a Tweet (shown below) that Bitcoin could retest $1,100. If this turns out to be the case, he ‘will buy some more.’ However, in the scenario that Bitcoin does not reach his target, he will wait for ‘losers to capitulate’ so he can buy some more.
RICH Dad lesson. “LOSERS quit when they lose.” Bitcoin losers are quitting some committing suicide.’WINNERs learn from their losses. I am waiting for Bitcoin to “test” $1100. If it recovers I will buy more. If it does not I will wait for losers to “capiulate” quit then buy more.
— therealkiyosaki (@theRealKiyosaki) June 28, 2022
Cypherpunk Holdings Becomes Perhaps the First Institutional Investors to Sell All its Crypto Holdings.
Concerning capitulation and selling, earlier today, Cypherpunk Holdings announced that it had updated its crypto holdings and strategy.
In the announcement, the Toronto-based crypto investment firm stated it had ‘sold 205.8209 ETH for proceeds CAD $293k and 214.7203 BTC for proceeds CAD $6,086,283.’ The total proceeds of the sale were highlighted as CAD $6,378,787.
In addition, the Cypherpunk Holdings team pointed out that the company’s treasury no longer held any Bitcoin or Ethereum.
Cypherpunk Holdings CEO Jeff Hao further explained that the company sold its Bitcoin and Ethereum due to the crypto market volatility. He also added that the company anticipates weak price action hence the move to sell all its crypto holdings to remain in cash. He said:
We continue to see systemic risks propagating throughout the crypto ecosystem and, in our assessment of the risk reward and opportunity costs involved in holding asset tokens, we believe that the most prudent approach is to sit on the sidelines as we wait for the volatility and illiquidity contagion to come to its logical conclusion.
On the balance of probabilities, we see weaker price action opening the way to lower levels to come as reports of the number of chains imposing ‘temporary’ suspension on withdrawals increases.
Until such a time as our thesis on market conditions change, our treasury will remain in cash. Cypherpunk maintains its long-term bullish outlook on crypto and currently plans to actively seek to capitalize on compelling risk reward opportunities as and when they present
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