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HomeCrypto NewsMarketRich Dad, Poor Dad Author Predicts Bitcoin to Hit $350,000 by August 2024

Rich Dad, Poor Dad Author Predicts Bitcoin to Hit $350,000 by August 2024

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Robert Kiyosaki predicts Bitcoin will hit $350,000 by August 2024, citing U.S. leadership incompetence and ongoing support for crypto.

Two months after expressing his support for Bitcoin, “Rich Dad Poor Dad” author Robert Kiyosaki has taken to X with a bold prediction. Kiyosaki forecasts that Bitcoin will reach $350,000 by August 25, 2024, labeling it a prediction, speculation, and opinion, but not a lie. 

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Emphasizing his confidence, Kiyosaki attributes his optimism not to the cryptocurrencies themselves but to his perceived incompetence of current U.S. leadership, specifically President Joe Biden, Treasury Secretary Janet Yellen, and Federal Reserve Chair Jerome Powell.

This prediction has sparked diverse reactions from the community. Analyst Willy Woo suggested that while a $350,000 price is statistically possible by 2025 if monetary debasement resumes, it remains unlikely for 2024 without an extraordinary bullish event. 

Others have expressed doubt about the projection, contending that the chances of Bitcoin attaining this price are extremely low. For context, such a price would push Bitcoin’s market cap to $6.9 trillion, greater than the combined valuations of tech behemoths Apple and Microsoft.

A History of Bitcoin Predictions

This is not Kiyosaki’s first Bitcoin prediction. In February, he projected that Bitcoin would hit $100,000 by mid-year. At that time, Bitcoin’s price was $52,013, requiring a 92.2% increase to meet its target.

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However, Bitcoin’s price stands at $70,965.41, showing a 0.10% increase over the last 24 hours and a 4.28% rise over the past week. BTC would still need to increase 40% this month to hit Kiyosaki’s target. The current price is 3.82% lower than its all-time high of $73,737.94 recorded in March 2024. 

Kiyosaki’s Investment Strategy

Meanwhile, Kiyosaki has been vocal about his investment strategy, advocating for Bitcoin, Ethereum, and Solana. He previously announced plans to buy at least 10 Bitcoin tokens by April, an investment of approximately $709,650 at current prices.

Notably, his decision aligned with the Bitcoin halving event that occurred on April 20. This event reduced miners’ rewards from 6.25 BTC to 3.125 BTC per block, effectively making Bitcoin scarcer.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Zabi
Zabi
Zabi is crypto enthusiastic with more than 10 years of experience in managing Google News-approved Finance websites. Zabi has a strong background in finance with a thorough understanding of cryptos and a solid grip on the crypto and financial market industry. Along with his passion for crypto writing, Zabi manages his personal stock and finance-related Google News-approved websites.

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