In a recent proclamation, Robert Kiyosaki, the renowned author of “Rich Dad Poor Dad,” has shared his insights on the financial landscape, proclaiming that Bitcoin, along with gold and silver, is presently undervalued, presenting lucrative investment prospects. Kiyosaki, a vocal critic of fiat currencies, has also issued a cautionary note regarding a potential stock market downturn.
Kiyosaki’s observations were disclosed through an official statement where he emphasized the significance of the current quantity of these assets, rather than their speculative future values. He asserted that these commodities are currently available at bargain prices, a condition that may not persist for long.
Kiyosaki has been a staunch advocate of Bitcoin compared to other cryptocurrencies for an extended period, steadily augmenting his Bitcoin holdings. He argued that Bitcoin should be categorized as a commodity, akin to gold and silver, while other cryptocurrencies might face regulatory challenges from entities such as the Securities and Exchange Commission (SEC).
Earlier this year, Kiyosaki made a bold prediction regarding the price of Bitcoin, forecasting that by 2025, the cryptocurrency could attain a value of $500,000. Conversely, he expressed concerns about the depreciating trajectory of fiat currencies, including the US dollar, due to substantial monetary infusions into the economy, leading to elevated inflation.
In related developments, Bitcoin recently breached the $27,000 threshold for the first time this month. The cryptocurrency ascended by 3.7% to reach $27,418 before experiencing a slight downturn. At present, it is trading at approximately $27,100, exhibiting minimal fluctuations over the past day. Over the course of the past week and month, Bitcoin has registered gains of more than 4% and approximately 5%, respectively.
This surge in value precedes the Federal Open Market Committee (FOMC) meeting slated for Tuesday and Wednesday. Expectations are that the Federal Reserve will maintain stable borrowing rates during this meeting, a move that typically diminishes the allure of riskier assets, such as cryptocurrencies. Following a prolonged period of consolidation around the $25,000 support level, Bitcoin has displayed resilience. According to Mati Greenspan, CEO of Quantum (NASDAQ: QMCO) Economics, range traders are now anticipated to secure profits just above the $30,000 milestone.
