By
Godfrey Benjamin
April 29th, 2024
Kiyosaki, a long-time supporter of BTC, has endorsed Wood’s forecast, expressing his trust in her insights and intelligence.
Robert Kiyosaki, known for his popular book “Rich Dad, Poor Dad”, has supported the prediction made by Cathie Wood, the founder of Ark Investment Management, who had confidently stated that the price of Bitcoin (BTC) could reach $2.3 million per coin.
Kiyosaki, a long-time supporter of BTC, has endorsed Wood’s forecast, expressing his trust in her insights and intelligence. He had previously predicted a price of $300,000 per BTC by the end of 2024, which aligns with Wood’s more ambitious projection. While showing support for the prediction, he said:
“I too believe Bitcoin will reach $2.3 million.”
Wood’s forecast is based on the idea that if institutional investors allocate just 5% of their portfolios to Bitcoin, it could trigger a significant uptrend in its value. She has previously suggested that the digital asset could reach $1.5 million per BTC and, more recently, even $3.8 million, highlighting the potential for exponential growth driven by institutional investment.
Kathie Wood quarantees Bitcoin will hit $2.3 million per BTC. Do I believe her? Yes I do. Kathie Wood is very smart. I trust her opinion. Could she be wrong? Yes. She could be. So what? The more important question is “ What do you believe?” What if Kathie is right? What if…
— Robert Kiyosaki (@theRealKiyosaki) April 11, 2024
Factors that Could Cause a Spike in Bitcoin Price
While a price of $2.3 million may seem unimaginable to some, there are potential factors that could drive the coin’s value to unprecedented levels. One key trigger is the halving event programmed into the BTC protocol. The program, which occurs at regular intervals, reduces the rate at which new coins are mined, leading to a decrease in the overall supply of the cryptocurrency over time.
Historically, these halving events have led to significant price increases for Bitcoin. For example, according to a report by Coinspeaker, following the 2020 halving, the value of BTC had soared by 977% by the end of the year. Applying a similar growth rate to its current price of around $71,000 could theoretically push its value beyond $765,670, still far below Robert’s projection of $2.3 million, but certainly uncharted territory for the pioneering digital currency.
Furthermore, another factor that could contribute to the bullish trend for Bitcoin is the anticipated approval of a Bitcoin exchange-traded fund (ETF) by the Securities and Futures Commission (SFC) of Hong Kong. This development follows the approval of spot BTC by the United States SEC. The approval of these ETFs signifies progress and acceptance of BTC investment, granting both institutional and retail investors access to Bitcoin through ETFs. This move is likely to impact the price of the coin and potentially cause a surge, as observed when the SEC approved it on January 11.
If this trend extends globally, particularly to financial centers like Hong Kong, where regulators are considering approving Bitcoin ETFs, it could unleash a wave of more institutional investment into the cryptocurrency market. Such an influx of capital would inevitably exert upward pressure on the price of the coin, bringing it closer to many top analysts’ ambitious projections.