By
Temitope Olatunji
April 26th, 2024
In a recent tweet, Kiyosaki praised Bitcoin for its strong performance and expressed concerns about the US dollar, which he believes to be unreliable, slamming it as fake.
Bitcoin (BTC) has been on an impressive rally over the last few months, with its price exceeding $60,000 yesterday for the first time since 2021. This has prompted renowned investor and author Robert Kiyosaki to continue voicing his support for cryptocurrency.
In a recent tweet, Kiyosaki praised Bitcoin for its strong performance and expressed concerns about the US dollar, which he believes to be unreliable, slamming it as fake.
Thank you BITCOiN for doing your job….kicking the fake US dollar’s butt and bringing integrity back to money.
— Robert Kiyosaki (@theRealKiyosaki) February 29, 2024
Kiyosaki, best known as the author of the popular personal finance book “Rich Dad, Poor Dad,” has established himself as a vocal critic of fiat currencies and the current monetary system. Recently, he argued that money created by central banks, which is not backed by tangible assets like gold, lacks inherent value. He sees Bitcoin’s limited supply and resistance to inflation as advantages over national currencies.
He stressed that he owned and invested in Bitcoin because it is not affected by inflation and taxation, unlike fiat currency, which can be easily manipulated and stolen. Kiyosaki also pointed accusatory fingers at Chairman Powell, Treasury Secretary Yellen, and Wall Street bankers, claiming that they steal wealth through inflation, taxation, and stock price manipulation.
Bitcoin Bull Now Pushing Price Higher
The price of Bitcoin enjoyed a good end to 2023 after rallying by more than 130% from January to December. The price has since continued to surge in 2024. This has come as no surprise, as many investors and more traditional institutions now have access to the coin. The price has surged from 40k to 62k, representing a little over 50% profit in 2024. All this rally is happening as many institutional investors are now giving the coin attention through ETFs.
The price entering into the $60,000 zone, after rallying around the $50,000 zone throughout last week, is also indicative of the increased support that it has seen.
Based on on-chain analytics by a popular analyst on X (Twitter), the $54,300 and $56,200 zone now represent very strong support for the coin, as close to 1 million addresses have bought around 500,000 BTC at this level. From this, he also reveals that the price may not be slowing down anytime soon.
There is literally no resistance ahead of #Bitcoin. All we see is a major support wall between $54,300 and $56,200 where 903,540 addresses bought nearly 500,000 $BTC. pic.twitter.com/ZMeVkWyS4A
— Ali (@ali_charts) February 28, 2024
Many analysts have revealed the price could go as high as $100,000 and even higher, especially with the institutional pressure. Ironically, Kiyosaki has said he would welcome a Bitcoin crash, as it would let him buy more at lower prices. This belief is based on the long-term value and potential of the coin.
In support of this, he made a bold prediction on BTC, as he believes the coin will rise to an all-time high of $100k USD. Kiyosaki argues Bitcoin is fulfilling its role as an alternative to the dollar, which he considers untrustworthy. While experts continue debating cryptocurrencies’ merits as real money, Kiyosaki sees Bitcoin’s recent performance as a vindication of its utility and value.