Bitcoin news

Kiyosaki, McGlone and Brandt agree: Bitcoin will soar in the coming months

Editor noteGet all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day’s top stories directly to your inbox. Sign up here!

(Kitco News) – Amid an ongoing global banking crisis, the continued interest rate hikes from the Federal Reserve, and a growing sense of uneasiness among the general public that the financial system is on shaky ground, Bitcoin and the wider crypto market are starting to be seen as a shelter from the storm.

According to Rober Kiyosaki, author of the best-selling personal finance book “Rich Dad Poor Dad,” the end is nigh for the U.S. dollar’s reign as the world reserve currency due to the perception that the U.S. has been a ‘bully’ when it comes to wielding its reserve currency status.

Kiyosaki sees Gresham’s law – which states that bad money drives out good money – in action now and likened the dollar to “toilet paper,” while “good money” like gold and silver are set to fill the void left by collapsing fiat currencies.

“We’re watching the end of the American empire, and there’s a law called Gresham’s law… This is bad money here; it’s called the U.S. dollar. I call it toilet paper today, and this is good money here; this is silver, and this is gold. So Gresham’s law is in action today… America has been kind of a bully because we had the reserve currency of the world,” Kiyosaki said during a Rich Dad Radio session on Tuesday.

The author went on to point out the growth in the BRICS member countries – which include Brazil, Russia, India, and China, representing roughly 42.5% of the global population – and suggested that the world has grown weary of supplying the U.S. with real goods while only receiving the U.S. dollar, which is printed at will by the Fed, in return.

“What the U.S. has been doing for a long time they’ve been shipping people toilet paper, and they’ve been shipping us commodities like wheat, grain oil, food, gold, silver for finished goods… All the people have been giving America cheap or wonderful goods for toilet paper, it’s coming to an end,” he said.

Along with gold and silver, Kiyosaki has also become a major proponent of Bitcoin, which he refers to as “the people’s money,” and he continues to recommend thus trio of assets to those looking to maintain their purchasing power amid the inflationary environment and spreading bank contagion.

SILICON Valley Bank -SILVERGATE Bank-SIGNATURE Bank. They went WOKE and went BROKE. Crash and Crisis just starting. Pensions, IRAs, 401ks went WOKE going broke. Buy more G,S, BC. TAKE CARE.

— Robert Kiyosaki (@theRealKiyosaki) March 15, 2023

Bitcoin is just starting a supercycle

According to Bloomberg’s senior macro strategist Mike McGlone, Bitcoin’s strong showing in 2023, which has seen it outperform gold, may be an indication that a new ‘super cycle’ is beginning for the top crypto.

“Looking for a super cycle? Bitcoin Outperforms Commodities With Declining Risk – Bitcoin beating gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening in the crypto,” McGlone tweeted on Tuesday.

In the note accompanying the tweet, McGlone wrote that “A benefit the crypto has vs. most commodities is Bitcoin’s nascent stage of low and rising adoption vs. diminishing supply… If past trends hold, the crypto’s volatility is more likely to recover vs. commodities when Bitcoin heads toward new highs.”

“The banking crisis and issues with fractional reserves may be shining a light on the attributes of Bitcoin and crypto dollars fully backed by T-bills,” he added.

In a separate tweet, the Bloomberg strategist noted that “Relative strength vs most assets may portend Bitcoin’s inflection toward global digital collateral and potential to trade more like gold, US Treasury bonds. Central banks still tightening despite plunging commodities and a Banking Crisis adds to severe economic reset risks.”

McGlone also suggested that “the global banking calamity may mark Bitcoin’s maturation from its birth following the great financial crisis… The fact that banks are suffering about a year after the start of one of the most aggressive tightening periods in history may suggest early days for the rule of long and variable lags.”

These comments follow earlier statements from McGlone which highlighted the performance of gold, bonds and Bitcoin in response to the unfolding recession. “Those to me are going to be some of the things that people are going to be looking to buy in dips as we tilt in a recession,” he said.

Bitcoin to $1 million

As for where crypto proponents think Bitcoin is headed in 2023, wild estimates of a $1 million price for BTC have been thrown around by several prominent influencers, but legendary investor Peter Brandt offered a more measured assessment after tweeting “Some smoke too much wacky” in response to the million-dollar prediction.

“All predictions are just guesses. My guess is that Bitcoin is 12 months away from new ATHs,” Brandt tweeted.

Twitter user “sisma” followed up Brandt’s tweet by saying, “It would be the quickest Bitcoin has ever seen a new ATH after forming a macro bottom. What in your view supports this being the case?”

In response, Brandt posted the following chart and said, “Dangerous to have opinions that are without fact.”

BTC/USD 1-month chart. Source: Twitter

“New ATHs in Apr-Jun 2024 would be very much in line with past cycles. The [amount] of disinformation in crypto is amazing to me,” Brandt said.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Kiyosaki sees Gresham’s law – which states that bad money drives out good money – in action now and likened the dollar to “toilet paper,” while “good money” like gold and silver are set to fill the void left by collapsing fiat currencies.


Bitcoin newsBitcoin Mining Industry Is Well Positioned to Participate in a New Cycle: Bernstein
Bitcoin newsBitcoin Drops After Binance Pauses Spot Trading, Deposits And Withdrawals

Similar Posts

Leave a Reply