2020-5-17 00:00 |
It has been hard to miss the recent tweets from Bitcoin bull Robert “Rich Dad” Kiyosaki. The Vietnam veteran — best known for his book “Rich Dad Poor Dad” on financial wellness and success — has been putting his foot to the gas recently in promoting the leading cryptocurrency, gold, and silver. He doubled down on this recently, asserting in a tweet that he thinks Bitcoin could hit $75,000 in the coming three years. “Rich Dad” Predicts $75,000 Bitcoin Price By 2023 In a semi-viral tweet published May 16th, Kiyosaki suggested that with the “economy dying” and “hope” fading, he’s growing especially bullish on Bitcoin, gold, and silver. The author-entrepreneur is so bullish on these assets, in fact, that he predicted a $75,000 Bitcoin price within the next three years, along with a near-doubling of gold’s price in a year, and a doubling of silver’s price in the coming five years. ECONOMY dying. FED incompetent. Next BAILOUT trillions in pensions. HOPE fading. Bought more gold silver Bitcoin. GOLD @$1700. Predict $3000 in 1 year. Silver @ $17. Predict $40 in 5 years. Bitcoin @$9800. Predict $75000 in 3 years. PRAY for the BEST-PREPARE for the WORST. — therealkiyosaki (@theRealKiyosaki) May 16, 2020 Why He’s So Bullish The reason why he’s so bullish on Bitcoin and precious metals is that he thinks the actions by the world’s governments and central banks are propping up a system of “fake money” poised to collapse. The “Rich Dad Poor Dad” author specifically cited the lack of interest rates, along with the quantitative easing programs by central banks, as a way to corroborate his point. Kiyosaki believes that as a result of these macroeconomic trends, investors will flock to store of values and noncorrelated assets to secure their wealth in the long run. And to him, the assets that can provide such security are precious metals and Bitcoin. As the outspoken entrepreneur fittingly put it in April, Bitcoin is the “people’s money,” gold is “god’s money,” and fiat is “fake money.” $75,000 and Beyond Is Possible, Bitcoin Analysts Say While $75,000 is over 700% higher than Bitcoin’s current market price of $9,200, a growing number of analysts are predicting that such a move is entirely possible within the next few years. Raoul Pal — a former Goldman Sachs executive and hedge fund manager — recently wrote in the April edition of his newsletter, Global Macro Investor, that he thinks Bitcoin is preparing to rally to $100,000. “The chart is spectacular… I think it hits $100,000 in the next two years alone. But it could go to $1m in the same time period,” Pal wrote in reference to the chart below. Bitcoin price chart from Raoul Pal He argued in a number of interviews and in that newsletter that the ongoing macroeconomic situation with the COVID-19 outbreak and the record stimulus response indicates that the U.S. dollar and financial system may “break” in the coming years. Bitcoin, to him, has the potential to replace some of the existing financial and monetary infrastructure should the “break” play out. Photo by Alexander Popov on Unsplash
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