The Bitcoin BTC/USD rally has cooled after peaking at $73,750.07 on March 14th. However, the leading cryptocurrency has shown some signs of upward momentum since the weekend. Against this backdrop, “Rich Dad, Poor Dad” author Robert Kiyosaki took to social media on Monday to urge investors to buy Bitcoin.
Kiyosaki’s Bullish Call Cites Halving Event
Kiyosaki stated his intention to purchase 10 more bitcoins before April, specifically citing the upcoming “halving” as his motivation. He acknowledged affordability concerns for some investors, suggesting, “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,” he said.
He further hinted at the possibility of Bitcoin becoming more accessible to retail investors: “If the Bitcoin process works as designed you may own a whole Bitcoin by the end of this year.”
See Also: 10 Best Cryptocurrencies Of March
The Bitcoin Halving: A Supply Squeeze
The “halving” event Kiyosaki refers to is expected to be the next major catalyst for cryptocurrency. Scheduled to occur in April, it will see the reward for mining new blocks cut in half. In simpler terms, miners will receive 50% fewer bitcoins for verifying transactions. This event happens roughly every four years and is programmed to occur once every 210,000 blocks are mined. It will continue until the network reaches its maximum supply of 21 million bitcoins.
Halving’s Impact: Reduced Supply, Potential Price Increase
The halving event is generally viewed positively by Bitcoin traders because it reduces the number of new bitcoins entering circulation. This, in turn, restricts supply and could theoretically push the price upwards.
Kiyosaki’s Price Prediction: Bitcoin to $100,000?
Kiyosaki expressed his belief that Bitcoin could rally to $100,000 by September 2024. He also referenced comments from Bitcoin bull and MicroStrategy CEO Michael Saylor, who has previously stated that those who insist on saving fiat currency will remain poor.
Alternative Investment Options
Kiyosaki also offered alternative asset recommendations for investors hesitant about Bitcoin. Unsurprisingly, he reiterated his support for precious metals like gold and silver. “If you are not into Bitcoin, I suggest buying silver coins, preferably US silver eagles,” he stated.
Kiyosaki then quoted comments from Andy Schectman, President of precious metals dealer Miles Franklin Ltd. Schectman suggests that the readily available supply of silver is dwindling, prompting him to maintain a standing order for $1 million in “junk” silver (pre-1964 US silver coins). He attributes this trend to several factors, including:
- 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 Final Thoughts: Invest Smartly
Kiyosaki concluded his message by urging investors to make informed decisions and consider acquiring at least one silver coin or a Satoshi (the smallest unit of Bitcoin). “Bitcoin is about $70,000 a coin. Gold is about $2,500 [per] coin. Silver is about $35.00 a coin,” he noted.
At last check, Bitcoin rose 4.69% over the past 24 hours to $67,176.98, according to Benzinga Pro data. Gold futures rose 0.33% to $2,167.15 and silver futures edged down 0.21% to $24.79.
Read Next: Dogecoin Leads Cryptos Higher In Weekend Rally: A Look At Memecoin’s Technicals
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
