IMPORTANT POINTS:
- Robert Kiyosaki dismisses that Bitcoin is currently expensive.
- The businessman advises continuing to buy what one can afford.
- There is optimism about institutional adoption and approval of Bitcoin ETFs.
On Friday, Robert Kiyosaki, author of “Rich Dad, Poor Dad,” addressed concerns from Bitcoin (BTC) skeptics about the expensive nature of the leading cryptocurrency.
Kiyosaki mentioned in a post on X that the most common excuse people give for their skepticism towards Bitcoin is that “it is very expensive”.
However, the American-Japanese businessman said he doesn’t buy the argument.
“And it’s high… but not as high as it’s going to get.”
To argue his case, the best-selling author referred to his book.
“I’m simply repeating my rich dad’s lesson about investing… ‘Your profit is made when you buy… Not when you sell,'”
We all wish we had bought Bitcoin when it was $10… but those days are long gone. Don’t be a loser, buy a little, what you can afford and keep buying.”
Bitcoin Performance
Bitcoin had a great year in 2023 and has seen a strong rally this year. Cryptocurrency is one of the asset classes with best performance this year despite the sideways movement seen since hitting an all-time high of $73,750.07 on March 14. The resilience reflected the optimism generated by the approval of spot Bitcoin ETFs.
In the year-to-date period, Bitcoin has gained more than 56% compared to the S&P 500 index’s nearly 14% gain.
Uncertainty over the regulatory environment in an election year may have made cryptocurrency investors cautious. Optimistic analysts see a explosion in the price of Bitcoin in the medium and long term.
Ark Invest’s Cathie Wood has a $2.3 billion price target for top cryptocurrency. At the Bitcoin Investor Day conference held at the end of March, the fund manager said that the cryptocurrency could reach up to $3.8 billion, thanks to institutional adoption and new ETF products.
