Robert Kiyosaki, the author of the New York best-selling finance book Rich Dad Poor Dad, has been consistently bullish on Bitcoin, the largest cryptocurrency by market cap.
His most recent Bitcoin price prediction is bold but not at all different from his previous price forecasts, which are all remarkably bullish.
Kiyosaki, who has successfully built a community on X, formerly Twitter, told his 2.1 million followers that Bitcoin was poised to hit $1 million soon.
“I strongly believe, by 2035, that one Bitcoin will be over $1 million. Gold will be $30K and silver $3,000 a coin.” The Bitcoin proponent asserted.
Can Bitcoin hit $1 million shortly? Institutional players display resilience
Should Bitcoin follow the bullish path that Kiyosaki envisions, the asset is expected to increase its current price value of $108,278 by 91409.7% within a decade.
Bitcoin could either take a slow and steady pace to build up price value or witness a rapid rise to $1 million. Either way, the asset will have to surmount some major barriers.
Recent data show that demand for leveraged long positions is growing, signaling a rise in demand from institutional investors.
Bitcoin’s failure to sustain momentum above $110,000 has done little to change institutional sentiments, suggesting that these participants are playing the long game.
While the presence of these long-term investors strengthens Kiyosaki’s price forecast, unless these market players throw their weight behind the big bull over the next 10 years, Bitcoin might struggle to stay afloat in the event that retail traders dominate the market.
Bitcoin to $1 million courtesy of mass adoption?
An increase in Bitcoin adoption is capable of sending the asset to new highs, although the possibility of mass adoption sending Bitcoin to $1 million remains unknown.
Kiyosaki urged the broader finance market to consider Bitcoin ahead of the expected U.S. market crash, which he believes will occur soon.
Suppose more traditional players turn to Bitcoin as an inflation hedge. In that case, the asset is poised to skyrocket in value over time, as increased demand usually positions Bitcoin as an attractive asset.
As witnessed in 2020, Bitcoin rose above $19,783 for the first time during the pandemic. According to data from Chainalysis, the price surge was fueled by American investors, companies, and traditional players.
“It’s a very different set of people who are buying Bitcoin recently,” remarked the Chief Economist at Chainalysis.
With Bitcoin appreciating under inflation pressure during the pandemic, market participants collectively recognized Bitcoin’s capacity to function as an alternative asset to the U.S. dollar.
As such, Kiyosaki’s $1 million Bitcoin price prediction hinges on several factors, including regulatory advancement over time.
At press time, Bitcoin trades for $104,720, slightly behind its recently attained all-time high of $111,970.
