Rich Dad Poor Dad writer says Bitcoin is headed for $ 50,000 in 2021 – here’s why ⋆ ZyCrypto
advertising
 
 
According to Robert Kiyosaki, businessman and author of the bestseller “Rich Dad Poor Dad,” Bitcoin price will hit $ 50,000 in 2021.
In a December 13 tweet, Kiyosaki argued that “a wall of institutional money” coming next year will push BTC upwards.
Bitcoin’s “next stop is $ 50,000”: Kiyosaki
The price of the world’s largest cryptocurrency by market capitalization hit the $ 19,500 region again on Tuesday before correcting sharply to $ 19,030. The $ 19.5k mark has served as stubborn resistance since late November, largely as some investors took profits on fears of a significant decline in the near future.
At the time of writing, Bitcoin is trading at $ 19,365.13 and Kiyosaki believes that crypto’s path of least resistance is still on the higher side.
BTCUSD chart from TradingView
The renowned author advised his Twitter followers to buy bitcoins under $ 20,000 as $ 50,000 appears to be Bitcoin’s next target based on the institutional record inflows into benchmark crypto.
advertising
 
 
He stated:
“I’m glad I bought Bitcoin. Next stop $ 50,000. A wall of institutional money is coming in 2021. Buy under $ 20,000. If you’ve missed out on Bitcoin, buy silver. Silver will move from AOC due to the Green New Deal. America in trouble. Bright future for gold-silver-bitcoin and entrepreneurs. “
Bitcoin currently has a market capitalization of $ 359 billion – or rather 3% of the valuation of gold. When it hits $ 50,000, its market cap will be around $ 929 billion, which is 10.4% of the precious metal’s market cap.
Institutional demand for Bitcoin is increasing
This year, thanks to the economic hardship caused by the coronavirus pandemic, Bitcoin has seen growing interest from once shy institutional investors. Basically, the cryptocurrency has been more widely adopted by very wealthy individuals, hedge funds and listed companies.
In addition, Grayscale has seen a dramatic increase in its total assets under management (AUM). The asset manager specifically caters to institutional investors who want exposure to Bitcoin but for whatever reason do not have the luxury of holding the asset directly. Grayscale now has approximately $ 13 billion in assets under management as of December 15, suggesting that a large number of accredited investors who are reluctant to keep spot bitcoin in their portfolios have increasingly invested in the flagship cryptocurrency.
In particular, the trend of professional investors flocking to Bitcoin began with hedge fund managers Paul Tudor Jones, MicroStrategy and Square and is set to continue in 2021.
Comments are closed.