Robert Kiyosaki, the author of the 32 million-copy bestseller “Rich Dad Poor Dad”, does not rule out that Bitcoin is a “scam” and could crash to zero. He, however, remains bullish on the benchmark cryptocurrency.
Is Bitcoin A Ponzi Scheme?
Robert Kiyosaki has postulated that Bitcoin may be a Ponzi scheme.
“Yes. It is possible Bitcoin is a scam and a Ponzi scheme,” the popular author and well-known supporter of BTC said in a March 26 X post.
Kiyosaki admitted that he is concerned about the premier cryptocurrency probably being a Ponzi scheme. Nonetheless, he claims that it would still not be any different from national fiat currencies like the United States dollar, the euro, or the yen. According to him, these fiat currencies are “giant Ponzi schemes”.
Kiyosaki also remarked that the BTC price could, at some point, plummet to zero, but he believes that the same could be the case for government-issued paper money.
Kiyosaki, who is also a real estate mogul and an investor in precious metals, has historically liked various safe-haven assets, including gold and silver. “That is why for years I have been saying “Save gold, silver, and Bitcoin,” he posited today.
Kiyosaki Envisions $100,000 Price Tag For Bitcoin
Despite the scam concerns, Kiyosaki is still optimistic about the future of Bitcoin. Yesterday, the best-selling finance author predicted that the price of Bitcoin would hit $100,000 by September 2024. He also revealed that he would be acquiring 10 Bitcoins in the coming days ahead of the much-anticipated April halving event. Bitcoin is programmatically set to undergo the halving approximately every four years, which slashes the BTC rewards doled out to Bitcoin miners in half.
As per his post today, Kiyosaki said he sees Bitcoin as the “perfect asset at the right time”, adding that he regrets not buying more BTC earlier.
The author’s optimism is further fueled by Metcalfe’s Law, which indicates that the value of a network increases as the number of its users expands in number. In the context of Bitcoin, this law suggests that as more users use BTC for various purposes, the demand for the crypto will rise, likely leading to price appreciation.
BTC jumped to a high of $71,419.17 earlier today. The alpha cryptocurrency is currently trading for $70,977.86, up 5.7% on the day and 12% over the past week, according to data from CoinGecko.