Sign Up on MEXCRich Dad Poor Dad Author’s Gold Price Bet; Bitcoin Rally Soon?
Robert Kiyosaki, the Rich Dad Poor Dad author, just made yet another price prediction, this time for Gold. Although the two assets are considered direct competitors by investors, they had in recent times traded in positive correlation amid unforeseen market situation like the US regional banking crisis in March 2023. In the recent past, speculation is rife that Bitcoin would eventually stabilize as an investment choice from currently being a risky option. However, for Bitcoin adoption growing as much as gaining the status of ‘Digital Gold’ could take much longer, if at all.
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Despite a healthy rise is crypto market prices starting from January 1, 2023, repeated setbacks in the form of U.S. Securities and Exchange Commission (SEC) enforcement actions on crypto firms led to fear and uncertainty. Meanwhile, the Bitcoin price suffered a steady drop in value last week, owing to weakened macroeconomic conditions.
Rich Dad Poor Dad Author’s Take On Gold Crash
Kiyosaki reacted to prediction of a Gold price crash by influencer Steve Van Meter. On the prospect of Gold coming down crashing to $1,000, the Rich Dad Poor Dad author said he would keep on buying Gold if that goes on to be true. However, a Gold crash could mean Bitcoin price jump as a ripple effect, thanks to the traditional inverse correlation between the two assets.
“GOLD to CRASH. Steve Van Meter whom I respect predicts gold to crash to $1000. He states markets are tired of waiting for gold to go higher. If gold drops to $1000 I will buy more. I am an investor not a trader. To me, Gold, Silver, &Bitcoin are real money.”
Recently, it was found that Bitcoin price correlation with Gold was around 0.50, which means they both rose in parallel.
#Bitcoin's correlation with gold surpassed its correlation with the S&P 500 👀 pic.twitter.com/Kqp42KRcX5
— Kaiko (@KaikoData) April 3, 2023
Earlier, CoinGape reported that Kiyosaki plans to keep Bitcoin (BTC) too besides Gold and Silver, considering the price rise in crypto market.
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