Key Points
- Robert Kiyosaki reaffirms his preference for Bitcoin over the depreciating US dollar.
- Bitcoin’s price surge prompts predictions of it reaching $100,000.
Robert Kiyosaki, the author of the best-selling book “Rich Dad, Poor Dad”, has once again expressed his admiration for Bitcoin.
In a recent post on his social media handle, Kiyosaki explained his preference for Bitcoin over traditional fiat currencies, specifically the US dollar. He argued that saving in US dollars has made him poorer, while saving in Bitcoin has increased his wealth.
Bitcoin Over Fiat
Kiyosaki’s critique of fiat currencies is rooted in the changes to the US monetary system in 1971. According to him, the US dollar became “fake” when President Nixon stopped backing it with gold. Since then, the US dollar’s value has been supported by US Treasuries and bonds.
A crypto commentator reacting to Kiyosaki’s post agreed that Bitcoin serves as a shield during periods of significant fiat currency depreciation. The commentator highlighted that the goal isn’t necessarily to get rich, but to preserve the value of one’s labor.
This isn’t the first time Kiyosaki has expressed his fondness for Bitcoin. Earlier this year, he suggested that Bitcoin was the easiest route to becoming a millionaire. He believes that while making millions can be challenging, saving in Bitcoin does the hard work for him.
Bitcoin’s Future
Kiyosaki has also made several predictions about Bitcoin’s future. He once forecasted that Bitcoin could reach $10 million by 2025. More recently, he suggested that Bitcoin was expected to spike high in October, presenting an opportunity for investors to buy more of the cryptocurrency.
His comments come amidst Bitcoin’s ongoing price surge. The cryptocurrency has exceeded $70,000 and is hovering around $72,000. This increase has led to speculation about whether it will surpass its highest price of $73,000.
Some experts predict that Bitcoin’s price could reach $100,000. One analyst, Ash Crypto, suggested that Bitcoin could hit this mark before the end of 2024. Another expert, Joshuwa Roomsburg, founder of ChainLeak, also predicted that Bitcoin would reach $100,000 by the end of the current market cycle.
Roomsburg stated, “I believe Bitcoin will surpass $100,000 to close out this cycle. Now, you need to understand that BTC reaching $100k is only a 1.3x from here. There is no way to make life changing money on BTC this cycle. It’s cool to watch, and it will be a fun ride, but not life changing.”
