Kiyosaki, McGlone and Brandt agree: Bitcoin will rise in the coming months

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(Kitco News) – Amid an ongoing global banking crisis, the continued interest rate hikes by the Federal Reserve, and a growing sense of unease among the general public that the financial system is on shaky ground, Bitcoin and the broader crypto market are beginning to be seen as a safe haven for the storm.

According to Robert Kiyosaki, author of the best-selling personal finance book Rich Dad Poor Dad, the end is near for the US dollar’s reign as the world’s reserve currency due to the perception that the US has been a “bully” when it comes to using its reserve currency status.

Kiyosaki sees Gresham’s Law – which states that bad money drives out good money – in action now and compared the dollar to “toilet paper”, while “good money” such as gold and silver is set to fill the void left by collapsing fiat currencies.

“We’re seeing the end of the American empire, and there’s a law called Gresham’s Law… This is bad money here; it is called the US dollar. I call it toilet paper today, and this is good money here; this is silver, and this is gold. So Gresham’s Law is in action today… America has been kind of a bully because we had the world’s reserve currency,” Kiyosaki said during a Rich Dad Radio session on Tuesday.

The author went on to point to the growth of the BRICS member countries – which include Brazil, Russia, India and China, representing roughly 42.5% of the global population – suggesting that the world has grown tired of supplying the US with real goods while they only receive US dollars, which are printed at the will of the Fed, in return.

“What the United States has done for a long time, they have sent toilet paper to people, and they have sent us goods like wheat, corn oil, food, gold, silver for finished goods… All the people have given America cheap or wonderful goods for toilet paper, that is coming to an end,” he said.

Along with gold and silver, Kiyosaki has also become a big proponent of Bitcoin, which he refers to as “the people’s money,” and he continues to recommend a trio of assets for those looking to maintain their purchasing power amid the inflationary environment and diversify. bank contagion.

SILICON Valley Bank -SILVERGATE Bank-SIGNATURE Bank. They went WAKE and went BROKE. Crash and crisis have just begun. Pensions, IRAs, 401ks went WOKE broke. Buy more G,S, BC. HAVE A GOOD TIME.

— Robert Kiyosaki (@theRealKiyosaki) March 15, 2023

Bitcoin has just started a super cycle

According to Bloomberg senior macro strategist Mike McGlone, Bitcoin’s strong showing in 2023, which has seen it outperform gold, could be an indication that a new “super cycle” is beginning for the top crypto.

“Looking for a super cycle? Bitcoin outperforms commodities with diminishing risk – Bitcoin beating gold, the top performing commodity from the old guard in 2023 to March 20, by almost 10 times could be indicative of a super cycle happening in the crypto,” McGlone tweeted on Tuesday.

In the note accompanying the tweet, McGlone wrote that “One advantage crypto has vs. most commodities is Bitcoin’s nascent stage of low and rising adoption vs. declining supply… If past trends hold, crypto volatility is more likely to recover seg vs. Commodities as Bitcoin Heads to New Highs.”

“The banking crisis and fractional reserve issues may shine a light on the properties of Bitcoin and cryptodollars fully backed by government bills,” he added.

In a separate chirpingthe Bloomberg strategist noted that “Relative strength vs. most assets could herald Bitcoin’s tilt toward global digital security and potential to trade more like gold, U.S. Treasuries. Central banks still tightening despite falling commodities and a banking crisis are contributing to severe economic reset risk.”

McGlone also suggested that “the global banking disaster may mark Bitcoin’s maturation from its birth after the Great Financial Crisis… The fact that banks are suffering roughly a year after the start of one of the most aggressive tightening periods in history may indicate early days for the rule of long and variable delays.”

These comments follow earlier statements by McGlone highlighting the performance of gold, bonds and Bitcoin in response to the unfolding recession. “This to me is going to be some of the things that people are going to be looking to buy in the fall as we tip into a recession,” he said.

Bitcoin to 1 million dollars

As for where crypto followers think Bitcoin is headed in 2023, wild estimates of a $1 million price for BTC have been thrown around by several prominent influencers, but legendary investor Peter Brandt offered a more measured assessment after tweeting “Someone smokes too much crack” in response to the million dollar prediction.

“All predictions are just guesses. My guess is Bitcoin is 12 months away from new ATH,” Brandt tweeted.

Twitter user “sisma” followed up Brandt’s tweet by saying: “That would be the fastest Bitcoin has ever seen a new ATH after forming a macro bottom. What do you think supports this being the case?”

In response, Brandt posted the following chart, saying, “Dangerous to have opinions that are without facts.”

BTC/USD 1-month chart. Source: Twitter

“New ATHs in April-June 2024 will be very much in line with previous cycles. They [amount] of disinformation in crypto is amazing to me,” Brandt said.