Cryptocurrencies, especially Bitcoin, have done well in the past few weeks. After bottoming at $24,800 in September, BTC has surged to $30,000. This bull run has woken crypto investors, with key altcoins like XRP, Solana, Chainlink, Quant, and Hedera Hashgraph soaring.
Bitcoin ETF hopesInterestingly, while Bitcoin has dropped from its all-time high of $67,000 to the current $30,000, it has outperformed key assets beloved by investors. It has done better than gold, which is also nearing its record high.
Bitcoin has jumped by almost 400% in the past five years while gold has risen by 62%. Further, Bitcoin has done better than technology stocks, with the Nasdaq 100 index rising by less than 200% in this period.
Most importantly, investors seem to believe that Bitcoin is a better investment than American long-term Treasuries, which are often seen as safe havens. As I wrote last week, the biggest ETFs like the iShares 20+ Year Treasuries (TLT) and Vanguard Long-Term Bonds (VGLT) have crashed to the lowest level in almost a decade.
There are three main reasons why BTC price is soaring as interest rates sits at the highest level in more than two decades. First, analysts expect that the Securities and Exchange Commission (SEC) will approve a Bitcoin ETF soon. That move will likely lead to more inflows by institutional investors.
Second, Bitcoin supply is running out. Over 19.6 million coins have already been mined and the pace will slow after the next Bitcoin halving. And finally, Bitcoin whales like MicroStrategy are still accumulating the coins.
Watch here: https://www.youtube.com/embed/aa3TnwGoJ_A?feature=oembedRobert Kiyosaki’s Bitcoin forecastRobert Kiyosaki, the well-known author of Rich Dad, Poor Dad, believes that Bitcoin price has more room to run. He expects that prices will surge to $135k in the next few years.
Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop gold $3,700. Bitcoin testing $30,000. Next stop Bitcoin $135,000. Silver from $23 to $68 an ounce. Savers of fake dollars F’d. Please tell your friends to “Wake up.”…
— Robert Kiyosaki (@theRealKiyosaki) October 20, 2023If his prediction is correct, it means that Bitcoin’s market cap will surge to more than $2.7 trillion. Bitcoin’s market cap has soared to over $600 billion. If it was a company, Bitcoin would be the 10th biggest firm in the world.
If this prediction is correct, it also means that other altcoins will jump as well. Bitcoin has a close correlation to altcoins like Ethereum, Solana, XRP, Chainlink, and Hedera Hashgraph. As it jumped to $30,000 on Monday, Ethereum price hit $1,700 while Chainlink and Solana jumped to $10.70 and $31, respectively.
Chainlink price rally is mostly because of the growing trend of tokenisation, the act of converting assets into tokens. I wrote recently that JPMorgan had completed its first tokenised trade for Blackrock and Barclays. Also, London Stock Exchange (LSEG) said it was considering moving into tokenisation as well.
Solana, on the other hand, has jumped after the FTX Estate moved to stake some of the SOL tokens. Before that, most investors expected the estate to sell the tokens, which would pressure the price.
Fidelity @DigitalAssets Director of Research Chris Kuiper discusses #Bitcoin and its potential as a breakthrough technology, superior form of money, & new asset class with @NatBrunell. pic.twitter.com/2mQdukBN27
— Michael Saylor⚡️ (@saylor) October 20, 2023The post Rich Dad, Poor Dad author delivers a $2.7 trillion BTC, Chainlink, Solana, XRP, AAVE prediction appeared first on Invezz.
