Crashes are the best times to get rich heres why Robert Kiyosaki thinks bitcoins plunge is great news and how you can take advantage of it – Yahoo…

Crashes are the best times to get rich heres why Robert Kiyosaki thinks bitcoins plunge is great news and how you can take advantage of it

Bitcoin is on a wild ride.

The worlds largest cryptocurrency soared to $68,990 last November. Now, its at around $29,000 a staggering 58% pullback from the peak.

If the downtrend continues, Rich Dad Poor Dad author Robert Kiyosaki says hes ready to start buying.

BITCOIN CRASHING. Great news, he tweeted last week. I am waiting for Bitcoin to crash to 20k. Will then wait for test of bottom which might be $17k. Once I know bottom is in I back up the truck. Crashes are the best times to get rich.

Kiyosaki added that bitcoin is the future of money and that its bottom may be even lower at $11,000.

In todays market environment, its not easy to be a contrarian investor. But if you share Kiyosakis view, here are three simple ways to capitalize on bitcoin's potential rebound.

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The first option is the most straightforward: If you want to buy bitcoin, just buy bitcoin.

These days, many platforms allow individual investors to buy and sell crypto. Just be aware that some exchanges charge up to 4% in commission fees for each transaction. So look for apps that charge low or even no commissions.

While bitcoin commands a five-figure price tag today, theres no need to buy a whole coin. Most exchanges allow you to start with as much money as you are willing to spend.

Exchange-traded funds have risen in popularity in recent years. They trade on stock exchanges, so its very convenient to buy and sell them. And now, investors can use them to get a piece of the bitcoin action, too.

For instance, ProShares Bitcoin Strategy ETF (BITO) started trading on NYSE Arca in October 2021, marking the first U.S. bitcoin-linked ETF on the market. The fund holds bitcoin futures contracts that trade on the Chicago Mercantile Exchange and has an expense ratio of 0.95%.

Theres also the Valkyrie Bitcoin Strategy ETF (BTF), which made its debut a few days after BITO. This Nasdaq-listed ETF invests in bitcoin futures contracts, and charges an expense ratio of 0.95%.

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When companies tie some of their growth to the crypto market, their shares can often move in tandem with the coins.

First, we have bitcoin miners. The computing power doesnt come cheap and energy costs can be substantial. But if the price of bitcoin goes up, miners such as Riot Blockchain (RIOT) and Hut 8 Mining (HUT) will likely receive growing attention from investors.

Then there are intermediaries like Coinbase Global (COIN) and Paypal (PYPL). When more people buy, sell, and use crypto, these platforms stand to benefit.

Finally, there are companies that simply hold a lot of crypto on their balance sheets.

Case in point: enterprise software technologist MicroStrategy (MSTR). It has a market cap of $2.3 billion. Yet its bitcoin count reached 129,218 at the end of March, a stockpile worth around $3.8 billion.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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Crashes are the best times to get rich heres why Robert Kiyosaki thinks bitcoins plunge is great news and how you can take advantage of it - Yahoo...