- Renowned millionaire and author of “Rich Dad Poor Dad”, Robert Kiyosaki, has offered six pieces of advice for those trading in risk markets, including cryptocurrencies.
- In a tweet dated May 3, Kiyosaki warned of potential serious downturns in risk markets and outlined what should be done during such times.
- The experienced investor emphasized that markets with a downward momentum offer the best opportunity to buy low and make money, focusing on six key points.
Robert Kiyosaki, a seasoned investor and author, provides valuable advice for those navigating the volatile world of risk markets, including cryptocurrencies.
Kiyosaki’s Six Pieces of Advice
Firstly, Kiyosaki warned that trying to catch falling products, or predicting the bottom, can be dangerous and result in significant losses. Following the adage of not trying to catch a falling knife, he stressed that the best thing to do in bear markets is to conduct more research and gain new information.
Building Networks and Diversifying Income
Additionally, Kiyosaki advised traders to “make new friends who are on the same path”, suggesting that individuals following similar pursuits can exchange ideas and develop themselves. He also emphasized the importance of not focusing solely on the markets, but also creating side jobs and additional income streams. The author pointed out that there are many successful “teachers” on YouTube, through whom one can learn various things, both market-specific and otherwise.
Investing in Bitcoin, Silver, and Gold
Finally, Kiyosaki noted that hoarding dollars or other fiat currencies during this period would be illogical. Instead, he advised focusing on assets like Bitcoin, silver, and gold in falling markets.
Conclusion
In summary, Robert Kiyosaki’s advice for navigating risk markets, including cryptocurrencies, involves careful research, networking, diversifying income streams, and investing in assets like Bitcoin, silver, and gold during market downturns. This advice could provide valuable guidance for traders in the volatile world of cryptocurrencies.
