Bitcoin price crashes below $80,ooo: Are you planning to buy on dips? Crypto expert cites a 'big problem' ahead

Billionaire entrepreneur Elon Musk has once again warned that the United States is on the brink of bankruptcy. Speaking at a cabinet meeting at the White House on 25 February, Musk stated, "If we don't do this, America will go bankrupt." He added that his stance had led to backlash, even receiving death threats. His concerns echo those of Robert Kiyosaki, the well-known author of Rich Dad Poor Dad, who blames America’s financial woes on its monetary system.

Kiyosaki’s Perspective: ‘Fake Money Is a Thief’

Kiyosaki took to Twitter to express his views, citing a broken financial system and reckless government spending. "BITCOIN CRASHING. Bitcoin is on SALE. I AM BUYING," he wrote. He continued, "The problem is not BITCOIN. THE PROBLEM is our Monetary System and our criminal bankers. America’s bankrupt. Our debt including social programs, such as Medicare and Social Security, including our $36 trillion debt, is over $230 trillion."



He further warned about US bonds, stating, "Our US Bonds are a joke. When countries such as Japan and China stop buying our bonds…. inflation will go through the roof…. our economy and the US dollar will crash." Despite Bitcoin’s volatility, he sees it as a safeguard. "Bitcoin is money with integrity. Fake money is a thief. I’ll trade fake money for gold, silver, and Bitcoin anytime they go on sale."

Bitcoin’s Tumultuous Ride

Bitcoin’s value plummeted on 27 February, falling 22% to $85,000 from its record high of $109,114 on 20 January. The downturn continued into Friday’s Asian trading session, bringing the cryptocurrency to $79,525.88—its lowest level since November. Other digital assets, including Ether, Solana, and XRP, also suffered significant losses.

As reported by Bloomberg, Stefan von Haenisch, director of over-the-counter trading at crypto custody firm Bitgo, noted, "Given the macro environment, it’s not surprising to see we are where we are." Market confidence has taken a hit as investors seek safer assets amid economic uncertainty.

As of 11:56 AM IST on Friday, 28 February 2025, Bitcoin (BTC) is trading at approximately ₹7,318,913 per coin.

Trump’s Policies Fuel Market Jitters

The broader selloff in digital assets comes as US President Donald Trump moves ahead with aggressive trade policies. He recently confirmed that a 25% tariff on Canada and Mexico will take effect on 4 March, with an additional 10% levy on Chinese imports to follow.

Bitcoin initially soared following Trump’s election, hitting an all-time high on Inauguration Day. However, fears of inflation and economic instability have since driven a reversal. Trump’s tax and immigration policies have raised concerns that the Federal Reserve may keep interest rates high for longer, further pressuring riskier investments.

With warnings from business leaders like Musk and Kiyosaki, alongside an unpredictable economic landscape, investors are facing uncertain times. While Bitcoin remains a point of contention, its volatility underscores deeper anxieties about the global financial system. As markets react to shifting policies and growing debt concerns, the coming months will be crucial in shaping the future of both traditional and digital assets.