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“Rich Dad Poor Dad” author Robert Kiyosaki says the dollar will die and that bitcoin will hit $120,000 next year.
He made the predictions in a tweet today, and also suggested that the BRICS nations are planning to announce a gold-backed cryptocurrency in August. His prediction that Bitcoin will rise to $120,000 next year is in line with a forecast made yesterday by Standard Chartered Bank.
The BRICS nations of Brazil, Russia, India, China and South Africa have so far only indicated that they are discussing an alternative currency for the bloc that is likely to be backed by gold. The BRICS are scheduled to hold a meeting in Johannesburg that starts on August 22.
August 22, 2023, in Johannesburg, South Africa, BRICS nations announce gold backed crypto. US $ will die. Trillions of US $ rush home. Inflation through the roof. Buy Gold,
Silver. Bitcoin to $120k next year.— Robert Kiyosaki (@theRealKiyosaki) July 11, 2023
Robert Kiyosaki Predicts Bitcoin to Reach $120,000 in 2024, Sees BRICS Nations Exploring Gold-Backed Cryptocurrency
Kiyosaki is a well-known investor and social commentator who has made a name for himself by predicting market trends and investment strategies. He has been critical of the banking sector, warning that more banks may face challenges in the coming months or years.
Kiyosaki has been a vocal supporter of Bitcoin for many years. He has often said that he believes Bitcoin is a hedge against inflation and a way to protect wealth from government control.
He has likened current conditions with those of the mortgage market crisis of 2008-2009, urging caution and advising his followers not to trust optimistic public statements from figures such as Fed Reserve Chairman Jerome Powell or Treasury Secretary Janet Yellen.
More banks about to fail. Rumor is Mortgage giant Loan Depot is on the ropes. Regional banks and mortgage companies are falling. Please be careful. I would not believe anything Pres Biden, Fed Chairman Powell or Sec Treasury Yellin say. Think for yourself.
— Robert Kiyosaki (@theRealKiyosaki) June 15, 2023
The author’s latest comments generated quite a discussion, with some Twitter users strongly agreeing to keep their investments limited to Bitcoin, with one user, Peter Schiff, stating that it is the inevitable consequence of fiscal mistakes made over many years.
Correct, but this was the inevitable consequence of obvious monetary and fiscal policy mistakes made over the years. Fed and Federal policy are the reasons the U.S. banking system is now insolvent, and why this financial crisis will be much worse than the last one they created.
— Peter Schiff (@PeterSchiff) June 16, 2023
Rich Dad Poor Dad – The Message for investors
The news that Kiyosaki and Standard Chartered Bank are bullish on Bitcoin is likely to be welcomed by investors who are looking for ways to protect their wealth from inflation and government control.
The price of Bitcoin has been on a side run for quite a few weeks now after reclaiming the much-awaited spot at $30,000 on June 21.
However, Bitcoin has still been incapable of crossing its $31k resistance level. A couple of times that it has been able to do so throughout the day has been followed by a quick correction. At press time, the Bitcoin price is standing at $30,558.
The second bullish news is the upcoming halving, which would reduce the rewarded Bitcoin per block by half. The resultant limit to the pumped BTC into circulation would improve its scarcity. In retrospect, halvings have been a prelude to the crypto industry’s biggest bull runs in the past.
With that being said, bitcoin’s price is known to be volatile. It can fluctuate wildly in a short period of time, making it a relatively risky investment for some people.
Investors willing to make their investments in the token must conduct proper research & assess the legitimacy of predictions made by individuals and organizations before making any decisions.
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