After about a week spent near $80,000 and fears that Bitcoin (BTC) is developing a downtrend that would inaugurate a new bear market, the world’s premier cryptocurrency began a rally on Sunday, March 23, that took it to its press-time price of $87,686 on March 24.
With the rally came a new bullish X post by the prominent investor, author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ and vocal BTC bull Robert Kiyosaki.
In the tweet, Kiyosaki explained the biggest obstacle to getting wealthy while simultaneously positioning Bitcoin as the single most powerful tool for building generational wealth.
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The famed author was rather brief and direct when recommending BTC, as his argument amounts to little more than saying ‘BITCOIN has made it easy for everyone to become rich,’ along with commenting – in reference to the cryptocurrency – that the biggest opportunity in history is ‘here.’
R. Kiyosaki reveals the biggest obstacle to getting rich
Instead, Kiyosaki focused on the psychological impact of FOMO – the fear of missing out – and FOMM – the fear of making mistakes.
According to the famed investors, FOMM is the biggest barrier for the majority of traders. They miss good buying and, arguably, selling opportunities because they worry they will have made a mistake by taking action.
There is some merit to the argument. For example, investors who fought back against the cautious impulse on March 11 once they saw BTC drop below $80,000 and purchased, for example, $1,000 worth of the coin would, at press time, have $1090.39 even if they missed the day’s lows near $77,000.
On the other hand, as damaging the Kiyosaki-described FOMM can be for investment, FOMO should also be fought against. Had a trader succumbed to the impulse when they saw Bitcoin above $100,000 last time, they would now have $862.55 of an original $1,000 investment, even if they were quick.
Kiyosaki urges buying Bitcoin but says traders should decide for themselves
Simultaneously, they wouldn’t have any guarantees that BTC will reclaim such highs or soar higher in the current cycle, no matter how bullish some of the forecasts are.
Perhaps for this reason, Kiyosaki listed people of influence he is following and learning from and called on people to make their own minds based on such Bitcoin bulls and other unnamed Bitcoin bears.
Lastly, the author disregarded traditional education, urged people to go to YouTube for advice, warned them against being in the FOMM crowd, and closed out by saying his followers would be wise to ‘get smart….get educated… for FREE.’
