Renowned investor, entrepreneur, and author of Rich Dad, Poor Dad, Robert Kiyosaki, has made a bold Bitcoin price prediction. He believes that BTC will reach an astonishing $350,000 by August 25, 2024.
Kiyosaki explains that no prediction about the future can be “a lie.” He wants $350,000 Bitcoin to be a fact, and it’s a dream for him. He says he will keep buying Bitcoin, Ethereum, and Solana because he is quite certain their prices will continue to rise.
What’s behind the Bitcoin price prediction?
According to Robert Kiyosaki, he lacks confidence in the competence of President Biden, Treasury Secretary Yellen, and Fed Chair Powell. He refers to them as the “three real-life Stooges” and suggests buying gold, silver, Bitcoin, Ethereum, and Solana as a way to protect oneself from their incompetence.
It may sound unbelievable, but further discussion into “the math” behind the Bitcoin prediction makes it appear somehow feasible. In a response to the Author’s post, a user named Willy Woo, a self-acclaimed Bitcoin analyst, explained what needs to happen for Bitcoin to reach the $350,000 level predicted by Robert Kiyosaki. Willy first responded that he thought the price target might be achieved if the millionaire author happened to have a spare $2.2 trillion lying around to buy BTC before 25th August.
Furthermore, he talks about the market value to realized value (MVRV), which compares the market cap of an asset, in this case, Bitcoin, to the money stored in the Bitcoin network. The multiplier ranges from 1 to 5 depending on the liquidity and fear of missing out.
According to the breakdown of the logic, the average multiplier is 2.5x in this stage of the bull market. If 1 Bitcoin were to be valued at $350,000, that would translate to a market cap of $6.9 trillion. To reach this market cap, a significant amount of additional capital would need to be injected into the network with a 2.5x multiplier. This is the logical path.
However, the reality could be different. If all the available Bitcoin were to be bought up, a supply shock would occur, driving the Bitcoin price to $350,000 with much less capital. This would trigger mass selling, and futures shorting and eventually lead to a steady state after the dump, bringing the Bitcoin price prediction to fruition.
