Jun 10, 2024
Having soared nearly 58% year-to-date, Bitcoin is making a strong comeback.
According to “Rich Dad Poor Dad” author Robert Kiyosaki, even better days could be on the horizon — very soon.
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“BITCOIN will be $350,000 by August 25, 2024 is not a lie,” he wrote in a recent post on X. “It’s a prediction. It’s speculation, it’s an opinion, but it’s not a lie. It’s suckers bait, but it’s not a lie because any prediction about the future is not a lie.”
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Kiyosaki then expressed confidence that the price of bitcoin will reach $350,000 “sometime in 2024,” but he noted that it's only “a target, a dream, and a wish.”
His message seems to have struck a chord. As of publication, the post had garnered 3.5 million views, 21,500 likes and 2,300 comments.
‘I keep buying more’
Considering that bitcoin currently trades at around $69,000 apiece, Kiyosaki’s price target is undeniably optimistic. To reach $350,000 by August 25, the price of the world's largest cryptocurrency would need to increase by 400% in less than three months.
Kiyosaki's optimism extends beyond just bitcoin. He’s also enthusiastic about other players in the crypto space.
“I keep buying more Bitcoin, Ethereum, and Solana, because [I’m] quite certain their prices will continue to rise,” he said.
The reason for his bullish outlook doesn't stem from the crypto space itself, but has to do with the current U.S. leadership.
“Why am I so confident? Is it because I am certain about BC, Ethereum, and Solana? My answer is ‘No.’ What I am confident of is the incompetence of our leaders, President Biden, Treasury Secretary Yellin and Fed Chair Powell,” he stated bluntly.
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5-asset protection strategy
Kiyosaki holds a critical view of these three leaders, stating “Those three are the 3-Stooges in real life and I am certain, I am very confident about their incompetence.”
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This isn’t the first time Kiyosaki, who co-authored a book with former president Donald Trump, has criticized the Biden administration's economic policies.
In August 2023, after Yellen praised Biden’s economic strategies, Kiyosaki took to X to question, “What is she smoking?”
“Has she been food shopping lately? Has she filled her gas tank lately? How many businesses closing? How about credit card debt? Biden’s team worst leaders in history.”
And in December, Kiyosaki lambasted Biden over rising gas prices.
“Higher gas prices is what Biden & Marxists want… Biden is a puppet of woke liberals. He is the worst and weakest president in history. He has been bought and paid for,” he wrote.
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For those who share his concerns, Kiyosaki offered suggestions on how to hedge against the impacts of governmental policy, naming five assets — not just crypto.
“Take care. Buy more Gold, Silver, Bitcoin, Solana, and Ethereum. Protect yourself from the 3-Stooges,” he wrote.
Kiyosaki didn’t further elaborate on the reasoning behind his suggestion. However, the famed author has long been a proponent of precious metals. Last October, he predicted, “Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop gold $3,700.”
Kiyosaki likes silver, too. “Silver from $23 to $68 an ounce,” he said at the time, projecting major upside for the precious metal.
Gold has already surpassed the $2,100 mark and is now trading at $2,304 per ounce. Silver has also enjoyed a rally in 2024, currently standing at around $29.60 per ounce.
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Jing is an investment reporter for Moneywise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.
