By
Chimamanda U. Martha
June 28th, 2024
Recently, BTC has been demonstrating a downtrend with prices falling below $60,000. While many may perceive this sentiment as an opportunity to exit the market, Kiyosaki called it a perfect time to buy more of the coin.
It turns out that serial entrepreneur Robert Kiyosaki does not feel positive about spot Bitcoin Exchange-traded Funds (ETFs) the same way he feels about the underlying digital currency.
In a recent X post, the author of “Rich Dad Poor Dad” voiced his perception of the offering that was launched in the United States in January. The spot Bitcoin ETF approval came after it bagged approval from the Securities and Exchange Commission (SEC).
Bitcoin, Gold, and Silver ETFs Are Fake
Kiyosaki made it clear that he would never be one of those to buy Bitcoin ETFs. He says his reason is the same as why he does not buy Gold or Silver ETFs.
For context, the entrepreneur noted that these classes of products are fake. Per his works, Gold ETFs are fake gold, Silver ETFs are fake silver and Bitcoin ETFs are fake BTC. Rather than buy ETFs of these assets, Kiyosaki noted that he would rather buy the “real thing.”
“That is why I own real gold, silver, and real Bitcoin and keep them very safe, away from banks and Wall Street bankers,” the “Rich Dad Poor Dad” author wrote in his X post.
Q: Would I buy Bitcoin ETFs?
A: NoQ: Why not?
A: For the same reason I do not buy
Gold or Silver ETFs.Q: What is wrong with ETFs?
A: ETFs are FAKE gold, silver, or Bitcoin.A: For example a gold ETF can sell 1 ounce of gold 100 times and more via 1 ETF.
That is…
— Robert Kiyosaki (@theRealKiyosaki) June 27, 2024
The author is renowned for buying and encouraging other investors to plunge their funds into Bitcoin. Recently, BTC has been demonstrating a downtrend with prices falling below $60,000. While many may perceive this sentiment as an opportunity to exit the market, Kiyosaki called it a perfect time to buy more of the coin.
He also emphasized that many investors make substantial profits through trading, which involves buying low and potentially selling high. However, he pointed out that “the problem with ‘trading’ any asset is taxes, specifically ‘short term’ capital gains taxes”.
Additionally, he encouraged his followers to engage in long-term investment while he cited a strategy of Warren Buffett. This strategy is described as “buy and hold on forever”. With this stance, one would not expect that he feels no “love” towards the Wall Street hyped spot Bitcoin ETFs.
MicroStrategy Sticks to Buying Bitcoin
Many other Bitcoin Marxists likely hold this same view about the spot Bitcoin ETFs. MicroStrategy Inc (NASDAQ: MSTR) is a strong lover of the leading cryptocurrency with a consistent Bitcoin acquisition strategy that has spanned four years. Only about a week ago, the business intelligence software firm acquired an additional 11,931 Bitcoin worth $786 million at the time of purchase.
The new purchase brought its entire holding to 226,331 Bitcoins, worth nearly $14 billion at Bitcoin’s current price of $61,203.06. Notably, the purchase was funded by the firm’s offering of institutional investors an $800 million convertible senior notes which was initially pegged at $500 million. These purchases and its current Bitcoin holding reflect MicroStrategy’s commitment to Bitcoin.
However, the firm has not made any move to acquire spot Bitcoin ETFs ever since the product went live. As one might infer this suggests that it has no enthusiasm towards the offering.