Renowned investor and author Robert Kiyosaki grabbed the attention of cryptocurrency enthusiasts with his staggering $350,000 price prediction for Bitcoin BTC/USD in less than three months.
What Happened: Kiyosaki took to social media platform X on Wednesday to make the bold projection about the King Crypto hitting the mark by August 2024.
"It's a prediction. It's speculation, it's an opinion, but it's not a lie," the author of “Rich Dad Poor Dad" wrote. "I am confident Bitcoin will hit $350,000 sometime in 2024 but for it's only a target, a dream, and a wish."
Kiyosaki also said that he is grabbing more Bitcoin, Ethereum ETH/USD, and Solana SOL/USD for he is confident that their prices will continue to soar.
The author of the best-selling personal finance book also used the opportunity to ridicule President Joe Biden and SEC Chair Gary Gensler, saying, "What I am confident of is the incompetence of our leaders, President Biden, Treasury Secretary Yellin, and Fed Chair Powell. Protect your self from the 3- Stooges."
Why It Matters: Kiyosaki, a staunch supporter of Bitcoin and other cryptocurrencies, has been known to make outlandish price predictions.
Earlier this year, he posted on X that Bitcoin would hit $100,000 by June 2024. Going by the asset's ongoing trajectory, it seems highly unlikely now.
The latest prediction of $350,000 by August 2024 will mean a nearly 5X jump from Bitcoin's price at the time of writing. Considering that the asset has grown by just 70% year-to-date despite bullish catalysts like spot ETFs, the forecast can be safely deemed unrealistic.
That said, on a practical note, Bitcoin, along with Ethereum ETH/USD were poised to grow steadily, driven by demand from permanent holders and whales, according to Julio Moreno, Head of Research at CryptoQuant.
Price Action: At the time of writing, BTC was trading at $71,099.25, trading mostly flat in the last 24 hours, according to data from Benzinga Pro.
Image created using photos on Flickr and Shutterstock
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