World-renowned author and investor Robert Kiyosaki urged investors to buy more Bitcoin (CRYPTO: BTC) and precious metals like gold and silver in order "to turn a bad hand into a great hand."

What Happened: On Wednesday, the author of the best-selling personal finance book "Rich Dad Poor Dad" wrote on X, "The bad hand is being [dealt] now. Millions will lose. Please don't be one of the losers."

It was unclear which market segment he alluded to as the bad hand, given that stocks surged to record highs this week. In fact, it is Bitcoin that has suffered a sharp drop in recent days.

Kiyosaki stated that institutional investors are purchasing Bitcoin despite the dip, seemingly pointing towards net positive inflows into spot exchange-traded funds.

While precious metals such as gold and silver are usually regarded as safe-haven commodities, many Bitcoin supporters include the digital currency in this category.

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Why It Matters: Kiyosaki, a staunch supporter of Bitcoin and other cryptocurrencies, is known for making unrealistic price predictions.

Last month, he forecasted that the King Crypto would hit $350,000 by the end of August. At the current price, this would imply a 6x increase in a little over a month, an unlikely scenario.

Earlier this year, he predicted that Bitcoin would hit $100,000 by June 2024. The digital currency fell significantly short of the prognosis.

Price Action: At the time of writing, Bitcoin was trading at $57,342.81 down 1% in the last 24 hours, according to data from Benzinga Pro.

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