25 April, 2024

Rich Dad Poor Dad Author Touts Bitcoin as Sentiments Turn Bullish

31 Oct, 2022

22 Nov, 2023

Robert Kiyosaki, investor, entrepreneur, and author of books on financial literacy, has once again tweeted his support for Bitcoin while claiming that the Federal Reserve is slowly but surely destroying the American economy.

He is adamant that the market for stocks, bonds, and housing as a whole is about to collapse. Since the Federal Reserve continues to increase interest rates, it “will kill the economy,” as Kiyosaki put it in his tweet.

He noted that gold and silver prices had been falling. Kiyosaki is now stocking up on physical gold with silver out of stock. However,  Kiyosaki anticipates that the Fed will reverse course one day and advises his audience to stock up on gold, silver, and Bitcoin until then.

Bullish on Bitcoin

Analysts expect next week’s Federal Reserve’s Federal Open Market Committee meeting to be a crucial moment for Bitcoin. Most traders anticipate the U.S. central bank to raise the main interest rate. However, analysts expect the drama will come from Fed Chair Jerome Powell’s signals about the committee’s December meeting.

Meanwhile, Markus Thielen, head of research and strategy at $10 billion asset manager and crypto company Matrixport is bullish on the flagship cryptocurrency. In a note to a publication, Thielen wrote:

“Prices started to rally 15 months before the next halving (November 2022), and they tend to finish 39% from where they traded 24 months prior. This would imply that bitcoin trades around $63,160 (March 2022 at $45,538*(1+39%) = $63,160) by March 2024.”

The prediction is based on historical price data from before the July 2016 and April 2020 bitcoin halvings. Based on these numbers, the price of bitcoin might reach over $63,000 in March of 2024, an increase of approximately 40% from its March 2022 price of around $45,000.

Additionally, the recent surge in Bitcoin‘s hash rate has accelerated the next halving date to March 2024 from May 2024. Miners will get a little over three bitcoin every block after the 2024 halving.

At press time, it was trading at $20,869, up 1.93% over the past 24 hours.



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