(Rich Dad Poor Dad) author welcomes the August curse, hoping Bitcoin falls below $90,000
Bestselling author (Rich Dad Poor Dad) Robert Kiyosaki recently expressed a welcoming attitude toward the so-called "Bitcoin August Curse" on the X platform. He wrote, "Will the Bitcoin August Curse make Bitcoin prices fall below $90,000? I hope so."
Source: X/@theRealKiyosaki (Rich Dad Poor Dad) author Robert Kiyosaki posted welcoming the "Bitcoin August Curse"
Kiyosaki views a potential crash as a golden opportunity to double his Bitcoin investment, stating that if the August curse really hits, he is ready to double his current holdings. He emphasized that the issue does not lie with Bitcoin itself, but with the trillions of dollars of debt in the U.S. and what he calls the 'incompetent PhDs' at the Federal Reserve and Treasury.
This well-known investor believes that the August curse may actually serve as a "stress test," unexpectedly distinguishing tourists in the cryptocurrency market from true investors. He summarized: "The Bitcoin August curse will make most Bitcoin investors richer."
Kiyosaki's comments came after participating in summer educational events, including The Collective and Limitless Financial Education Summit, where he learned from financial thinkers like Jim Rickards, Brent Johnson, and Larry Lepard. Notably, these experts are outspoken critics of fiat currency and support hard assets like gold and Bitcoin.
Historical data supports the August curse narrative, with analysts viewing declines as a catalyst.
"Bitcoin August Curse" refers to the seasonal trend of Bitcoin often experiencing declines or significant corrections in August. Historical data shows that August is indeed a poor-performing month for Bitcoin, with CryptoRank data indicating an average return of -7.87% in August.
Source: CryptoRank Bitcoin often experiences a seasonal trend of declines or significant corrections in August.
In some early years like 2011, 2014, and 2015, Bitcoin experienced significant drops in August. Even in relatively better years, such as 2022 and 2023, it still saw notable declines of 14% and 11.2%, respectively. This trend has led some analysts to predict potential losses this August.
There is a 67% chance of Bitcoin experiencing a price drop from August to September, which is why it is referred to as the "Devil's Month." However, it is worth noting that the years following a halving event sometimes break this trend, as double-digit gains were recorded in August of 2013, 2017, and 2021.
Last August, Bitcoin experienced extreme volatility, with prices dropping from a high of $65,587.9 at the beginning of the month to a low of $49,486.9 on August 5, a decline of 8.7%. At the beginning of this August, the cryptocurrency market plummeted due to a weak U.S. jobs report, with Bitcoin prices falling below $113,000, and market fluctuations leading to $726 million in liquidations.
Analysts' opinions are divided, with long-term holders viewing volatility as an opportunity.
Kiyosaki's viewpoint sparked debate, with investors arguing that price drops are not failures, but a filtering mechanism. One user commented, 'Most people fear the Bitcoin August Curse because they do not understand the real rules of the game... A crash is a gift, but only when you know what you hold.'
Analyst Quinten Francois pointed out that while retail investors panic sell, long-term holders who 'only buy and do not sell' will accumulate more Bitcoin. Another analyst noted an emerging pattern similar to what caused last Friday's short squeeze from $112,000 to $115,000.
This narrative of viewing Bitcoin's volatility as financial warfare rather than a failure has become increasingly mainstream among staunch cryptocurrency believers. Kiyosaki and others argue that the real risk lies not in Bitcoin's price behavior, but in the slow erosion of value caused by inflation and monetary policy mistakes.
While some analysts like Arthur Hayes predict Bitcoin could drop to $100,000, others, including Hayes himself, expect Bitcoin to soar to $250,000 by the end of 2025. As of the time of writing, the Bitcoin price hovers around $114,000, down approximately 7% from its all-time high of $123,000 set on July 14.
Source: CoinGecko Bitcoin price hovers around $114,000
Further Reading
BitMEX Founder: Bitcoin is likely to crash back to $100,000! On-chain data monitors that he has sold these 3 coins
This content was generated by Crypto Agent summarizing various information, reviewed and edited by (Crypto City), and is still in training, which may have logical biases or information errors; the content is for reference only and should not be considered investment advice.
'Is the End of Academia Metaphysics? Rich Dad Predicts: The August Curse is Coming, Hoping Bitcoin Falls Below $90,000' This article was originally published in 'Crypto City'
