Robert Kiyosaki, famous for his best-selling book “Rich Dad, Poor Dad,” has endorsed Cathie Wood’s bold forecast that the value of a single Bitcoin (BTC) could potentially soar to an astounding $2.3 million.
Kiyosaki, an ardent backer of Bitcoin, has given his approval to Wood’s forecast, expressing his faith in her expertise and judgement. Previously, Kiyosaki had projected a price of $300,000 for a single Bitcoin by the year 2024, which is consistent with Wood’s more optimistic estimate. While endorsing this prediction, he stated:
“I too believe Bitcoin will reach $2.3 million.”
Wood’s forecast is based on the idea that if institutional investors allocate just 5% of their portfolios to Bitcoin, it could trigger a significant uptrend in its value. She has previously suggested that the digital asset could reach $1.5 million per BTC and, more recently, even $3.8 million, highlighting the potential for exponential growth driven by institutional investment.
Kathie Wood is confident that Bitcoin’s value will reach $2.3 million per BTC. I share her belief, given her intelligence and insight. However, there’s always a chance she could be incorrect. The crucial matter is: what do you personally think about Bitcoin’s potential worth? If Kathie turns out to be right, what would that mean for you? Conversely, if not, how would that impact your perspective?
— Robert Kiyosaki (@theRealKiyosaki) April 11, 2024
Factors that Could Cause a Spike in Bitcoin Price
A price tag of $2.3 million might seem unfathomable to some, but various factors could cause the coin’s worth to reach unprecedented heights. One major factor is the built-in halving event in Bitcoin’s protocol. This event, which occurs periodically, decreases the mining reward rate, resulting in a reduction of newly minted coins and an overall decrease in the availability of the cryptocurrency over time.
Historically, Bitcoin’s halving events have resulted in substantial price hikes. For instance, as stated in a Coinspeaker report, Bitcoin’s value rose by an astounding 977% following the 2020 halving, reaching over $64,000 by year-end. Applying this rate of growth to its current price of approximately $71,000 could potentially bring its value up to around $832,000 – a significant leap beyond its present value, even if falling short of Robert’s prediction of $2.3 million but still an unexplored milestone for Bitcoin.
An additional factor fuelling Bitcoin’s upward trend could be the predicted green light from the Hong Kong Securities and Futures Commission (SFC) for a Bitcoin exchange-traded fund (ETF). This decision comes on the heels of the US Securities and Exchange Commission (SEC) approving bitcoin spots. The introduction of these ETFs represents advancement and acknowledgement of Bitcoin as an investment option, enabling institutional and individual investors to purchase Bitcoin via ETFs. Consequently, this announcement may significantly influence Bitcoin’s price and possibly trigger a price increase similar to what was seen on January 11 when the SEC approved it.
If this trend continues and Bitcoin ETFs are approved in financial hubs like Hong Kong, there could be a significant increase in institutional investment in the cryptocurrency market. This surge of capital would likely drive up the price of Bitcoin, moving it closer to the optimistic price predictions of many experts.
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2024-04-11 14:14