Financial guru Robert Kiyosaki has expressed his bullish stance on Bitcoin (CRYPTO: BTC), while acknowledging the potential risks of the cryptocurrency being a Ponzi scheme.
What Happened: In a series of tweets, Kiyosaki, author of the best-selling book “Rich Dad Poor Dad,” voiced his support for Bitcoin, stating it is “the perfect asset at the right time.”
He also admitted that Bitcoin could be a scam or a Ponzi scheme, but argued that it is no more so than any other “fake” or fiat currency, including the US Dollar, Euro, and Yen, according to a post on X, formerly Twiitter.
He further expressed his concerns about the U.S. political, banking, and financial leaders, accusing them of incompetence and corruption. He criticized their inability to control the growing US government debt, bond market, and overinflated stock market.
Earlier this month, Kiyosaki had advised his followers that not buying Bitcoin would be “the biggest mistake you can make,” predicting a price of $300,000 per Bitcoin in 2024.
Despite acknowledging the potential risks, Kiyosaki remains optimistic about the apex cryptocurrency, attributing its value to the strength of its network system, as per Metcalf’s Law.
“Metcalf's Law is a law about the power of ‘networks.’ Bitcoin, like the US dollar, cell phone net works, and net work marking businesses such as Amyway [sic] gain their core value from the strength of their network system. Thats the reason Metcalf's Law is important and why I am bullish about Bitcoin and the US dollar. Bitcoin has a strong network,” he wrote.
He also advised his followers to save real gold or silver coins or Bitcoin, instead of “fake fiat dollars.”
Price Action: Bitcoin has been on a tear lately, having hit a fresh all-time high of $73,750.07 on March 14. At the time of writing, it was trading almost 4.6% below that mark at $70,375.83.
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