Renowned investor and Rich Dad Poor Dad author Robert Kiyosaki is counting on a potential downturn in the BTC price this month, driven by the “Bitcoin August Curse.” However, Kiyosaki views this crash as a possible opportunity to bolster his BTC holdings. Will this August dip be a curse or a blessing?
Robert Kiyosaki Eyes More Bitcoin in this August Crash
August has a notorious reputation for Bitcoin price dips, often bringing significant losses despite strong preceding trends. In a recent X post, Robert Kiyosaki underscored the significance of the potential decline in the BTC price in August.
According to Robert Kiyosaki, Bitcoin may fall below $90,000 from its current price of $114k. However, he highlighted his plans to double his current position if the August curse hits the BTC price. He wrote, “If the Bitcoin August Curse hits and Bitcoin crashed, I stand by to 2x my position today.”
Previously, Kiyosaki had issued a warning about an impending financial crisis that could impact Bitcoin as well. He stated that “bubbles are about to start busting,” as CoinGape reported. This warning came amid a soaring US national debt of $37 trillion and rising Treasury yields, exposing vulnerabilities in the US economy.
According to him, the real issue lies not with Bitcoin but with the massive national debt and the incompetence of those running the Federal Reserve and the Treasury. He believes that the Bitcoin August Curse will ultimately make most Bitcoin investors richer.
Is A Bitcoin Crash Ahead in August?
Historically, August has been a challenging month for Bitcoin, often marked by significant price drops despite the market’s overall direction. CryptoRank data reveals that the pioneer cryptocurrency’s August returns average a decline of 7.87%.
Notably, in some early years like 2011, 2014, and 2015, the crypto has seen severe declines in August. Even in relatively better years, such as 2022 and 2023, it still experienced notable dips of 14% and 11.2%, respectively. This trend has led some analysts to predict potential losses in this year August.
Reportedly, Bitcoin’s August-September period has a 67% chance of price drops, earning it the title of ‘devilish months.’ However, it is noteworthy that post-halving years have sometimes bucked this trend, with double-digit gains in August 2013, 2017, and 2021.
Adding more fuel to the August dip speculations, Bitcoin and other cryptocurrencies saw a dull beginning this month. On August 1, the crypto market plunged following the weak US job report, with the BTC price slipping below $113k. The market shakeout resulted in $726 million in liquidations, with long positions heavily impacted
Nonetheless, the potential August dip in BTC price could be a blessing in disguise, as per Robert Kiyosaki’s words. With the decline providing more buying opportunities, it could ultimately benefit most investors.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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