Key Points
- Robert Kiyosaki predicts that Bitcoin could reach $300,000 per coin by the end of 2024.
- Bitcoin’s recent bullish performance has been driven by factors such as the approval of Bitcoin ETFs by US regulators.
Robert Kiyosaki, the entrepreneur and author of “Rich Dad, Poor Dad,” has once again made a bold prediction about Bitcoin.
He believes that Bitcoin could reach $300,000 per coin by the end of 2024.
Kiyosaki’s Support for Bitcoin
Kiyosaki made this statement shortly after his previous prediction that Bitcoin could reach $100,000 by June.
His optimistic outlook is not surprising given his long-standing support for Bitcoin.
In November, he endorsed Bitcoin over traditional assets, citing its stability amid market turmoil.
He criticized the conventional model of earning money through regular jobs, highlighting the flaws of this approach, including taxation and inflation erosion.
Instead, he suggested investing in cash flow assets such as rental properties, oil, and food production as ways to earn ‘tax-free money.’
He views Bitcoin as a financial safety net for investors, especially given the perceived fragility of global banking systems.
In a February post, Kiyosaki hinted at an impending global banking crisis, pointing to the increasing number of unrealized losses by US banks, which stood at a staggering $684 billion in Q3 last year.
He stressed the importance of diversifying investments into assets like gold, silver, and Bitcoin to mitigate risks associated with traditional banking systems.
Kiyosaki’s skepticism towards Central Banks and fiat currency is well known.
He believes that money created by Central Banks lacks intrinsic value, unlike Bitcoin, which has a limited supply and resistance to inflation.
According to Kiyosaki, Bitcoin is immune to manipulation and theft, unlike fiat currency, which is prone to government interference.
Bitcoin’s Market Performance
As of the time of writing, Bitcoin is trading at $66,713, marking a 6.5% increase over the past week, with a market capitalization of $1.3 trillion.
Bitcoin recently surpassed its previous all-time high, reaching $69,170, driven by various factors renewing investors’ interest in the cryptocurrency.
One key catalyst behind this bullish rally is the approval of Bitcoin Exchange-Traded Funds (ETFs) by US regulators.
After years of delay, the Securities and Exchange Commission (SEC) approved these investment products in January, leading to a substantial influx of institutional and retail capital into the market.
Bitcoin’s resurgence has also been fueled by increasing adoption on a global scale.
El Salvador, which became the first country to adopt Bitcoin as legal tender in 2021, has seen its Bitcoin reserves surge, now worth over $150 million.
Moreover, legislative initiatives in states like Arizona suggest growing interest in incorporating Bitcoin ETFs into pension fund portfolios.
These developments underline a broader trend of institutional acceptance and integration of cryptocurrencies into traditional financial systems.
