Bitcoin
Rich Dad, Poor Dad author predicts Bitcoin will reach $350,000 by August 2024
Robert Kiyosaki predicts that Bitcoin will reach $350,000 by August 2024, citing the incompetence of US leadership and continued support for crypto.
Two months after expressing his support for Bitcoin, the “Rich Dad, Poor Dad” author Robert Kiyosaki adopted X with a bold prediction. Kiyosaki predicts that Bitcoin will reach $350,000 by August 25, 2024, labeling this as a prediction, speculation and opinion, but not a lie.
BITCOIN will cost $350,000 by August 25, 2024, that’s no lie. It’s a prediction. It’s speculation, it’s opinion, but it’s not a lie. It’s stupid bait, but it’s not a lie because any prediction about the future is not a lie. I want $350,000 BITCOIN to be a fact, and I want it…
-Robert Kiyosaki (@theRealKiyosaki) June 5, 2024
Emphasizing his confidence, Kiyosaki attributes his optimism not to cryptocurrencies per se, but to his perceived incompetence of the current US leadership, specifically President Joe Biden, Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell.
This prediction provoked diverse reactions from the community. Analyst Willy Woo suggested that while a price of $350,000 is statistically possible by 2025 if currency devaluation resumes, it remains unlikely in 2024 without an extraordinary bull event.
Statistically possible in 2025 if currency devaluation resumes.
Almost no chance in 2024 except a bullish black swan.
– Willy Woo (@woonomic) June 6, 2024
Others have expressed doubts about the projection, arguing that the chances of Bitcoin reaching that price are extremely low. For context, such a price would push Bitcoin’s market cap to $6.9 trillion, higher than the combined valuations of tech giants Apple and Microsoft.
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A History of Bitcoin Predictions
This is not Kiyosaki’s first prediction about Bitcoin. In February, he designed that Bitcoin would reach $100,000 by mid-year. At that time, Bitcoin’s price was $52,013, requiring a 92.2% increase to reach its target.
However, Bitcoin price is at $70,965.41, showing a 0.10% increase in the last 24 hours and a 4.28% increase in the last week. BTC would still need to increase 40% this month to reach Kiyosaki’s target. The current price is 3.82% lower than the all-time high of $73,737.94 recorded in March 2024.
Kiyosaki’s investment strategy
Meanwhile, Kiyosaki has been outspoken about his investment strategy, defending Bitcoin, Ethereum and Solana. He previously announced plans to purchase at least 10 Bitcoin tokens by April, an investment of approximately $709,650 at current prices.
Notably, his decision aligned with the Bitcoin halving event that occurred on April 20. This event reduced miner rewards from 6.25 BTC to 3.125 BTC per block, making Bitcoin more scarce.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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