Best-selling financial author says Bitcoin will hit $500,000, but what will drive it?
‘Rich Dad Poor Dad’ author Robert Kiyosaki hasn’t been shy about letting the world know about his support for bitcoin, and the financial writer has come out again to reiterate that support. This time, Kiyosaki paints an incredibly bullish narrative for the digital asset over the next few years.
Bitcoin will touch $500,000 in two years
In a recent tweet, Kiyosaki told his over 2.3 million followers on Twitter that he expects the price of Bitcoin to reach $500,000 within the next two years. The author highlights this at a time when markets remain in an uncertain position due to not knowing what the Federal Reserve will do to curb inflation.
Kiyosaki explained that he expects the price of the digital asset to actually reach $500,000 by 2025 because the Fed will actually continue to print more money. He has previously said that the waning faith in the US dollar would be the trigger for this rally, and he repeated this once more.
Huge crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. Why? Because faith in the American dollar, fake money, will be destroyed. Gold and silver God’s money. Bitcoin people’s $. Have a good time.
— Robert Kiyosaki (@theRealKiyosaki) 13 February 2023
According to the writer, while bitcoin will reach $500,000, other asset classes such as gold and silver will reach $5,000 and $500, respectively, in the same year. He refers to bitcoin as “the people’s dollar” at a time when he expects a giant crash and even a depression.
How is BTC doing in the short term?
Kiyosaki’s predictions stretch over the long term, but for now, Bitcoin is still struggling to hold its value. The digital asset has already lost its footing above $23,000 last week and is entering the new week in the red, and it doesn’t look like it’s getting any better.
In the morning hours on Monday, the digital asset completed its first weekly death cross as analysts such as Benjamin Cowen has posted about. This indicator is one that is usually bearish, so the death cross has sparked a degree of fear in the market.
BTC sees first weekly death cross | Source: Twitter
With the death cross confirmed, BTC is already seeing a downside, falling to the $21,600 level. Further decline is expected from this point, but this remains to be seen given that investor sentiment is still at a good neutral point.
For now, all eyes are on the CPI data report expected to be released on Tuesday. If it comes out as well as January’s numbers, it could invalidate the death cross, and lead to more upside for the digital asset.
Bitcoin is currently changing hands at a price of $21,627 at the time of writing. It is down 1.28% in the last 24 hours and has lost 5.3% in the last seven days.
BTC price struggles at $21,600 as death cross is triggered | Source: BTCUSD on TradingView.com
