How Has Bitcoin Been Doing The Past Week?
Bitcoin (BTC) is currently trading around $67,000, accompanied by a market capitalization of $1.25 trillion. Last week, BTC reached an unprecedented peak of $73,797, largely propelled by inflows from institutional investors into exchange-traded funds (ETFs) and anticipation surrounding the impending halving event scheduled for April. The halving event occurs approximately every four years, reducing the rate of BTC mining to maintain its scarcity. In April, the reward for mining a new block will decrease from 6.25 BTC to 3.125 BTC, effectively halving the daily production of BTC from 900 to 450 BTC. This reduction in newly minted BTC, coupled with increased awareness among retail and private investors, has driven a remarkable 51% year-to-date surge in Bitcoin’s price.
As is customary when assets like Bitcoin achieve new record highs, profit-taking becomes prevalent. Presently, BTC has retraced approximately 13% from its recent peak. Despite this pullback, Bitcoin remains resilient due to the substantial gains it has accrued over recent months.
Kiyosaki’s Price Target
Kiyosaki, renowned author of “Rich Dad Poor Dad,” recently shared his insights on the financial markets and Bitcoin (BTC) on X. According to Kiyosaki, China is resorting to borrowing money to support its market as consumer stock purchases decline. In response, he advised his followers to invest in tangible assets such as real gold, real silver, and Bitcoin, emphasizing the importance of acquiring as much Bitcoin as possible.
Kiyosaki’s confidence in Bitcoin stems from its capped supply of 21 million coins. He advocates for investing in deflationary assets, considering it a wise financial move. Bitcoin’s limited supply, often likened to digital gold, drives its demand, making it one of Kiyosaki’s preferred investments.
Expressing his enthusiasm for Bitcoin, Kiyosaki compared it to gold and silver, highlighting Bitcoin’s unique advantage of fixed supply. While the discovery of more gold and silver diminishes their scarcity as prices rise, Bitcoin’s finite quantity ensures its scarcity remains unchanged, reinforcing Kiyosaki’s preference for the cryptocurrency.
Kiyosaki’s bullish sentiment toward BTC extends to his prediction of its price reaching $300,000 per coin by the end of 2024, attributing this forecast to factors like scarcity, utility, and growing institutional interest. He urges investors not to delay their Bitcoin investments, emphasizing its potential to secure a brighter financial future.
Drawing from the principles outlined in “Rich Dad Poor Dad,” Kiyosaki emphasizes the importance of initiating investments regardless of the initial amount. He asserts that the key to wealth accumulation lies in making one’s money work for them, echoing the timeless advice from his iconic book.
Given his substantial net worth of $100 million, Kiyosaki’s endorsement of Bitcoin underscores its potential as a high-performing asset and aligns with his philosophy of wealth-building through strategic investments.