'Rich Dad, Poor Dad' Author Says 'People's Money' Bitcoin On Its Way To $100K

Bitcoin's BTC/USD ascent over the years was observed by the "Rich Dad, Poor Dad" author Robert Kiyosaki who developed an affection for the apex coin.

What Happened: Kiyosaki shared why he loves Bitcoin on Twitter on Thursday. The best-selling author and financial guru said, "Years ago I watched BC climb to $20k then drop to 0. I thought [Bitcoin is] finished."

"Slowly watched [Bitcoin] climb to $6 k & I bought lots. WHY?  Because people support [Bitcoin] not FED or Gov.  [Bitcoin] did not need FED or Gov bailout because [Bitcoin] people's money. [Bitcoin] to $100k. Long live [Bitcoin]."

Why It Matters: While Bitcoin has not slumped to zero, the cryptocurrency has gone through a cycle of multiple booms and crashes.

Bitcoin’s all-time graph versus USD, courtesy: Coinmarketcap

In 2011, the cryptocurrency surged to $32 and then went crashing to $0.01. That sell-off is attributed to the collapse of the Japan-based Mt.Gox cryptocurrency exchange.

Other notable crashes took place in 2015, 2017, and 2021. Last year, the price of Bitcoin fell from $68,000 to under $20,000, a decline of 70.59%.

Last year, Kiyosaki said that the Bitcoin revolution would be bigger than the gunpowder revolution. He likened the cryptocurrency to an auditor that audits the actions of the Federal Reserve.

Price Action: At the time of writing, Bitcoin traded 0.2% lower at $28,188, according to data from Benzinga Pro.

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Photo: Wikimedia Commons