Robert Kiyosaki, popular author who wrote the book titled “Rich Dad Poor Dad” has forecast a seven figure price for Bitcoin in another 50yrs. While speaking to Kitco NEWS, the finance focused author has disclosed that he anticipates Bitcoin to jump by about 2,000% in the forthcoming years.
“I bought Bitcoin at $9,000. I wish I bought it at 10 cents like a lot of people did. But now I look like a genius because today it’s around $55,000… and I think it’s going to go to $1.2 million in five more years.”
Kiyosaki states that he aims to retain his holdings forever and cites Gresham’s Law, which states that “bad money drives out good.” In other words, that legally overvalued currency will tend to drive legally undervalued currency out of circulation.
“The problem is too big… you know our pensions are going bust, baby boomers have no money. They shut down the economy, they’re going to print another $1.9 trillion. So it has never worked. It’s Gresham’s Law – bad money drives out good money. So when a guy like me gets my hand on a Bitcoin, I’ll never spend it…Bitcoin is untested yet, but that’s why I was happy to get some at $9,000, and I may buy some again today or tomorrow just because I’m more bullish on it.”
The cryptocurrency and metals investor accuses a major portion of the financial and political administration for policies that he believes as affecting people on the lower end of the economic pyramid.
“I really don’t like how they screw everybody. It makes me rich because you know all the CEOs take all this fake money and drive up the stock price…But the working-class guy is getting screwed. You know the person working for money trying to pay the rent, trying this… they can’t afford to buy a house. They don’t buy stocks. They’re just surviving day-to-day and the price of food keeps going up and all this. That’s what happens when you print money.”
