The Bitcoin rally seemed to hit a temporary roadblock, pulling back from its heights at $73,750.07 on March 14th. Yet, recent days have seen a flicker of hope for the leading cryptocurrency. Enter “Rich Dad, Poor Dad” author Robert Kiyosaki, who took to social media to ignite the spirits of investors by advocating for Bitcoin.
Bitcoin’s Halving – An Impending Catalyst
Kiyosaki declared his bold move to purchase 10 additional bitcoins before April, pinning his optimism on the upcoming “halving” event. Recognizing the financial constraints some may face, he proposed, “If you can’t afford a whole Bitcoin you may want to consider buying 1/10 of a coin, via the new ETFs or Satoshi’s,”
Furthermore, he hinted at a future where Bitcoin might become more accessible to retail investors, stating, “If the Bitcoin process works as designed you may own a whole Bitcoin by the end of this year.”
The Bitcoin Halving Effect: Squeezing the Supply
This upcoming “halving” event, slated for April, is poised to be a significant trigger for the cryptocurrency world. This event involves halving the rewards miners receive for asserting transactions. Occurring every four years, after every 210,000 blocks are mined, it continues until the network hits the total supply cap of 21 million bitcoins.
Halving’s Ripple Effect: Less Supply, More Demand?
The halving generally garners optimism from Bitcoin traders as it shrinks the inflow of new bitcoins into the market, providing potential fuel for price ascension due to the reduced supply.
Kiyosaki’s Crystal Ball: Bitcoin Scaling Mount $100,000?
Kiyosaki painted a rosy picture, envisioning Bitcoin surging to $100,000 come September 2024. Notably, he referenced insights from Bitcoin advocate and MicroStrategy CEO Michael Saylor, who hasn’t minced words, asserting that hoarding fiat currency will merely breed poverty.
Diversification in View
For those averse to the volatile world of cryptocurrencies, Kiyosaki steered the conversation towards traditional alternatives. Unsurprisingly, he endorsed investments in precious metals such as gold and silver, offering a safety net for the risk-averse. “If you are not into Bitcoin, I suggest buying silver coins, preferably US silver eagles,” was his counsel.
Kiyosaki supplemented his advice with quotes from Andy Schectman, President of Miles Franklin Ltd, advocating for a silver buying spree. Schectman’s rationale stems from various economic factors, including the U.S.’ financial predicament, woes in China’s real estate sector, and recessional specters looming in Germany.
- The U.S.’ status as the world’s largest debtor nation
- China’s struggling property market
- Ongoing economic stagnation in Japan
- Recessionary fears in Germany
- Consumer reliance on credit cards
- Potential instability in the regional banking system
- The looming threat of a global conflict
Kiyosaki’s Parting Wisdom: Navigate Investments Prudently
In his parting words, Kiyosaki urged prospective investors to make sound decisions, suggesting the acquisition of at least a solitary silver coin or a Satoshi. “Bitcoin is about $70,000 a coin. Gold is about $2,500 [per] coin. Silver is about $35.00 a coin,” he pointed out.
In recent data, Bitcoin lifted 4.69% over the last 24 hours, gliding to $67,176.98, as per Benzinga Pro. Gold futures ascended by 0.33% to $2,167.15, whereas silver futures saw a minor dip of 0.21% to $24.79.
