Rich Dad Poor Dad author predicts Bitcoin will reach $50k

The author of the popular book Rich Dad Poor Dad predicts that Bitcoin’s price could be heading towards $50,000 and is encouraging people to buy the cryptocurrency now that it is trading below $20,000

Robert Kiyosaki, the author of the popular Rich Dad Poor Dad book, is a big fan of Bitcoin and believes the cryptocurrency will hit the magical price of $50,000 very soon. He is now advising investors and crypto proponents to buy Bitcoin below $20,000 as he thinks it would be heading towards $50,000 by next year.

Kiyosaki expressed his thoughts on Twitter, addressing the 1.4 million accounts following him. He tweeted, “Glad I bought Bitcoin. Next, stop $50 k. Wall of institutional money coming 2021. Buy below $20 k. If you missed Bitcoin, buy silver. Silver set to move due to AOC’s Green New Deal. America in trouble. Future bright for gold, silver Bitcoin and entrepreneurs”.

The popular financial figure thinks that the influx of institutional investors’ funds would be the catalyst that pushes Bitcoin’s price towards $50,000.

Bitcoin’s price has been resilient despite the recent pullback. The cryptocurrency lost over $1,000 within a week to trade in the $18k region. However, it has recovered during the weekend and is now trading at $19,200.

Since Bitcoin dropped to the $17,500 price level on Friday, it has surpassed multiple resistance zones including $18,000, $18,300, $18,500, $18,800, $19,000 and recently $19,100. If the cryptocurrency could maintain its current resistance point, analysts believe it could be testing the $19,500 and $19,800 resistance levels very soon.

Robert Kiyosaki is also optimistic about other assets such as gold and silver. He is encouraging investors to acquire those assets as their prices could go higher over the coming months.

Kiyosaki’s prediction is coming at the back of billions of dollars being pumped into the Bitcoin market by institutional investors. MicroStrategy, Square, and Guggenheim have invested millions of dollars into the Bitcoin market over the past few months.

Most analysts believe that institutional funds investment into the cryptocurrency market is still in its early phase. Billions of dollars would be transferred to the cryptocurrency market over the coming years.

However, Bitcoin’s adoption could be coming at the expense of other assets. According to JPMorgan strategists, Bitcoin is eating into gold’s market cap and could continue to do so for years to come.