Robert Kiyosaki, best known for his influential personal finance book, “Rich Dad Poor Dad,” has predicted that Bitcoin could surge to an astounding $120,000 in the near term at a time in which the BRICS nations are preparing to launch a gold-backed currency.
In a tweet shared with Kiyosaki’s over 2 million followers on the microblogging platform, Kiyosaki pointed out that Brazil, Russia, India, China, and South Africa – the BRICS nations – are set to launch a gold-backed currency, which e believes could be detrimental to the US dollar and potentially trigger its depreciation.
The author of “Rich Dad Poor Dad,” which is one of the top 10 personal finance books of all time advocating for the importance of financial literacy and indepdence, anticipates a global financial shifts initiated by the BRICS nations after they meet in Johannesburg, South Africa, where the gold-backed currency is expected to be announced.
He predicts an exodus of US dollars flooding back to the homeland, which may incite an inflationary surge. In light of these potentially disruptive financial changes, Kiyosaki is advising his followers to buffer their portfolios against the projected inflation through gold, silver, and the flagship cryptocurrency Bitcoin.
Kiyosaki has notably been a BTC bull for years and has even revealed earlier this year he has invested in the smart contract platform Solana. Kiyosaki has in the past also told his followers to bet on gold, along with silver and BTC.
Notably, the best-selling author’s price target is seemingly in line with that of London-based multinational banking and financial services firm Standard Chartered, which recently suggested BTC’s price could surge to $50,000 this year, and could breach the $120,000 by 2024’s close.
Back in April, the banking giant made waves in the market with its prediction of Bitcoin reaching $100,000 by the end of 2024, asserting a conclusion to the bleak “crypto winter”.
Geoff Kendrick, one of Standard Chartered’s leading foreign exchange analysts, has now voiced an optimistic revision to that forecast, citing a 20% “upside” in the bank’s earlier call. The increased upside was related to increased miner profitability per BTC, which “means they can sell less while maintaining cash inflows.”
In turn, according to Kendrick, this will reduce the net BTC supply and push the price of the cryptocurrency higher.
Featured image via Unsplash.
