Renowned investor and author Robert Kiyosaki is bullish on Bitcoin, urging investors to buy as much as possible.
How Has Bitcoin Been Doing The Past Week?
Bitcoin (BTC) is hovering around $67,000 with a $1.25 trillion market cap. BTC’s price soared to an all-time high of $73,797 last week, largely the result of exchange-traded fund (ETF) inflows from institutions and the imminent halving in April. The amount of BTC being mined is halved every four years to maintain scarcity. In April, the amount of BTC mined per block will be cut from 6.25 to 3.125 BTC reducing the daily BTC produced from 900 BTC to 450 BTC. As retail and private investors have noted this, more Bitcoin has been purchased, resulting in a 51% year-to-date rally.
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When assets like Bitcoin hit new all-time highs, profit-taking is natural. BTC is down about 13% from the recent highs but is still strong because of the massive gains made over the last few months.
Kiyosaki’s Price Target
Kiyosaki, author of “Rich Dad Poor Dad,” recently posted his predictions on the financial markets and BTC on X.
Kiyosaki said China is borrowing money to prop up its market because many consumers have stopped buying stocks.
“This is the time to buy real gold, real silver and as many Bitcoin as you can afford,” Kiyosaki posted.
Kiyosaki’s conviction in Bitcoin is based on the asset’s capped supply of 21 million. Kiyosaki has said that investing in deflationary assets is one of the smartest things you can do with your money. Bitcoin is often referred to as digital gold because of its limited supply, which contributes to increased demand, so it’s no wonder it’s one of Kiyosaki’s favorite investments.
“I love gold and silver. I own gold and silver mines. The problem with gold and silver is … the higher the prices go, the more gold and silver is found. … No matter how high the price of Bitcoin goes, there will only be 21 million ever. That’s why I love Bitcoin,” he posted on X.
Saying Kiyosaki is bullish on BTC is an understatement. Kiyosaki said that with the combination of scarcity, utility and institutional interest, BTC will reach $300,000 per coin by the end of 2024. At the time of writing, that’s almost a 500% increase from where prices are now.
Kiyosaki’s advice for investors is not to procrastinate. He said buying BTC is one of the best things you can do to set yourself up for a better future. “Rich Dad Poor Dad” asserts that you don’t need a lot of money to start investing. Although the book was released in 1997, the takeaways are relevant today — the key to building wealth is making your money work for you.
Whether it’s $20, $200 or $2,000, getting started investing is the first step. Bitcoin has been a high-performing asset and many investors like Kiyosaki, believe it will continue to increase in price because of its scarcity. With a net worth of $100 million, it’s fair to say Kiyosaki knows what he’s talking about.
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This article ‘Rich Dad Poor Dad’ Author Robert Kiyosaki Says ‘Buy As Much Bitcoin As You Can Afford’ originally appeared on Benzinga.com
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