In a recent tweet, renowned author and investor Robert Kiyosaki expressed his belief that Bitcoin is a “bargain” at its current price but may not be in the future. Kiyosaki, best known for his book “Rich Dad Poor Dad,” sees the recent weakness in Bitcoin as an opportunity for investors to build a position in the cryptocurrency.
Kiyosaki’s tweet stated, “Gold, silver, bitcoin are bargains today … but not tomorrow. America is broke. Buy GSBC today before stocks, bond, real estate.” This tweet reflects his view that traditional fiat currencies are “fake money” and suggests that investing in assets like gold, silver, and Bitcoin may offer a better hedge against potential economic instability.
The recent decline in Bitcoin’s price has made it a more attractive investment for those who believe in its long-term potential. Despite the current volatility, there are several factors that could contribute to a rise in Bitcoin’s price in the near future. One such factor is the potential approval of an exchange-traded fund (ETF) for Bitcoin, which could open the door for more institutional investors to enter the market.
Another significant event on the horizon is the halving event scheduled for April or May 2024. This event, which occurs approximately every four years, reduces the rate at which new Bitcoins are created. Historically, these halving events have been followed by periods of increased price appreciation for Bitcoin.
Even pseudonymous crypto analyst PlanB, who gained notoriety for his Stock-to-Flow model for Bitcoin’s price prediction, recently reiterated his belief that Bitcoin could reach $100,000 within the next two years. He even suggested the possibility of Bitcoin eventually reaching $1 million, as predicted by investment manager Cathie Wood.
At the time of this writing, Bitcoin is trading around $26,900, significantly lower than its mid-July high of $31,500. However, many investors and analysts remain optimistic about its long-term prospects. As always, it is essential for individuals to conduct their own research and consider their risk tolerance before investing in any asset, including Bitcoin.