1 No-Brainer Cryptocurrency To Buy Before It Goes 100% According To “Rich Dad Poor Dad” Author – cialisdfr
1 No-Brainer Cryptocurrency To Buy Before It Goes 100% According To “Rich Dad Poor Dad” Author
1 No-Brainer Cryptocurrency To Buy Before It Goes 100% According To “Rich Dad Poor Dad” Author

Over the past few years, Robert Kiyosaki, author of the best-selling personal finance book Rich dad poor dadhas become a strong advocate of Bitcoin (BTC -0.51%) As a possible path to “rich dad” status. Although some of his calls on Bitcoin have been controversial in the past, he is now fully convinced that Bitcoin is going to hit $100,000 by June.

Bitcoin is currently trading at around $50,000, this amount will almost double within a remarkably short period of time. So why is Kiyosaki so sure it’s going to happen in 2024?

Bitcoin ETFs and the democratization of crypto

A major factor, of course, is that the Securities and Exchange Commission (SEC) recently approved the creation of nearly a dozen spot bitcoin exchange-traded funds (ETFs). This immediately unlocked Bitcoin as a potential investment for many retail investors who might otherwise have stayed on the sidelines when it came to crypto. It is now possible for people to invest in Bitcoin without the need for any special crypto knowledge.

Gold coin with Bitcoin symbol.

Image source: Getty Images.

As soon as the SEC approved the new ETFs, Kiyosaki began adding to his already substantial bitcoin position. As of January, Kiyosaki said he had 66 bitcoins, worth more than $3 million at current market value.

Bitcoin as a hedge against financial uncertainty

The Rich dad poor dad The author is concerned about the increasing possibility of new banking and financial market crises. He now says that only bitcoin, gold and silver – all commodities with relatively stable supply – are worth holding in volatile times. As a result, Bitcoin could become a safe haven asset for investors if we face any new market turmoil in 2024. We saw that already during the regional banking crisis in early 2023, many investors moved to Bitcoin.

Kiyosaki also sees bitcoin as a potential hedge against inflation. That’s because Bitcoin has a maximum lifetime supply of only 21 million coins, and the speed of new Bitcoin creation is carefully controlled by an algorithm. Every four years or so, the rate of new bitcoin production drops by half, an event known as a halving.

Each halving potentially increases bitcoin’s appeal to investors seeking a hedge against inflation. If you are interested in expanding the Federal Reserve’s money supply, Bitcoin may be an attractive option.

Buy a dip in Bitcoin

In response to a question he says he often gets asked – what he would do if the price of bitcoin crashed – Kiyosaki (writing on social media platform X) had a simple answer: “I’ll be happy and I can buy more, once the crash stops.” In short, he is so convinced that Bitcoin is a form of good money that he will view even a sustained market downturn that crushes the value of his Bitcoin holdings as a buying opportunity.

To use a bit of Wall Street lingo, he had to buy a dip in Bitcoin. Instead of panicking every time it drops 10% or more, he would see those events as opportunities to buy Bitcoin on sale.

That’s exactly what happened earlier this year. Bitcoin was trading for around $45,000 when the SEC approved new spot Bitcoin ETFs. But the price quickly sank below $40,000, and some investors panicked, convinced the price would go to $20,000 or less. But guess what? After that more than 10% plunge, it bounced back to over $50,000 and is now up nearly 30% for the year.

How realistic is it for Bitcoin to soar to $100,000 in mid-year?

While there are many market experts who are confident that Bitcoin will end the year above $100,000, the big question is how quickly this can happen. The good news is that Bitcoin is due to halve in April, so a dramatic price move for the world’s most popular cryptocurrency by June isn’t entirely out of the question.

As with any asset, though, it’s best to take a long-term view rather than trying to time the market. And Bitcoin’s long-term outlook is almost unparalleled. While some have given investment advice Rich dad poor dad Authors can be controversial, whether there is a point. Buying Bitcoin before it rises again in value may be the single best investment you can make this year.

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