Wealthy Dad Poor Dad creator Robert Kiyosaki has shared why he loves bitcoin and when he started investing within the cryptocurrency. Anticipating to see $100K per bitcoin, he emphasised that the crypto doesn’t want the Fed or authorities bailout as a result of it’s “folks’s cash.”
The creator of Wealthy Dad Poor Dad, Robert Kiyosaki, shared on Twitter Thursday why he loves bitcoin. He expects to see the worth of BTC hit $100K. Wealthy Dad Poor Dad is a 1997 ebook co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Instances Greatest Vendor Record for over six years. Over 32 million copies of the ebook have been bought in over 51 languages throughout greater than 109 international locations.
Kiyosaki tweeted Thursday explaining that years in the past, he watched the worth of the biggest cryptocurrency climb to $20,000 after which shed nearly all of its worth. On the time, he thought bitcoin was completed. Nonetheless, when BTC slowly climbed to $6,000, he purchased “tons” of it. His reasoning was that individuals assist bitcoin and never the Fed or authorities. Bitcoin didn’t want the Fed or the federal government to bail it out as a result of it’s folks’s cash.
In a current Wealthy Dad Radio present, the well-known creator revealed that he purchased 60 bitcoins at $6,000 per coin. He additionally beforehand stated he purchased some extra BTC at $9,000.
Kiyosaki has beneficial bitcoin alongside gold and silver for fairly a while. He lately stated he expects the worth of bitcoin to maintain rising. In his Thursday tweet, he talked about $100,000 as a worth for bitcoin. Nonetheless, he predicted in February that bitcoin will hit $500,000 by 2025 whereas gold will hit $5,000 and silver to achieve $500 in the identical time interval.
The famend creator additionally repeatedly warned in regards to the U.S. economic system and the course the U.S. greenback is headed. Final month, he predicted a crash touchdown forward, noting that the Federal Reserve’s price hikes will crash shares, bonds, actual property, in addition to the U.S. greenback. He additionally warned of hyperinflation.
What do you concentrate on Wealthy Dad Poor Dad creator Robert Kiyosaki’s warning and why he loves bitcoin? Tell us within the feedback part under.
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On Tuesday, President-elect Trump refused to rule out military action to pursue his unprecedented vow to take Greenland and the Panama Canal — plus absorb Canada. Why has he set his sights on expanding beyond the United States’ borders? Jim discusses that with Jim Zirin of Washington Monthly on “The Final 5.”
President-elect Donald Trump has launched a new meme coin called $TRUMP. He made the announcement in a post on Truth Social post late Friday, describing the cryptocurrency as a celebration of “WINNING” the presidential election.
Analysts say it has the potential to make a lot of money for Trump and his family, but some ethics experts say it’s another effort to cash in on the nation’s highest office.
The new Trump-backed meme coin is a cryptocurrency token with an image of Trump following his assassination attempt.
It was developed by Solana, a cryptocurrency and blockchain company, with a limited supply of 200 million $TRUMP coins at initial launch. The supply will expand to 1 billion coins over the next three years, the coin’s website states.
The remaining tokens that haven’t been put up for sale yet are owned by the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware on Jan. 7, state filings show. Forbes reports that both companies will receive an undisclosed amount of revenue from the coin trade.
By the numbers:
The price of $TRUMP increased by more than 300% to just below $29 as of 10:15 a.m. ET Saturday. It reached a market cap of $5.81 billion, according to CoinMarketCap data obtained by Forbes.
There’s a disclaimer on the $TRUMP website stating that the token is “not intended to be, or the subject of” an investment opportunity nor a security of any type, and is “not political and has nothing to do with” any political activity or government agency.
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Dig deeper:
Although all cryptocurrency carries risk, meme coins can be especially risky for traders, an expert told CNBC.
“Meme coins are among the riskiest of cryptocurrencies because they seem to emerge from nowhere and information about them can be sparse,” he says. “They’re expected to soar and plummet as the public sentiment shifts this way and that. Meme coins may capture the public’s fancy today and be gone tomorrow.”
The other side:
Ethics attorneys called the latest venture by Trump and his family a blatant effort to profiteer from the presidency.
“It is literally cashing in on the presidency — creating a financial instrument so people can transfer money to the president’s family in connection with his office” Adav Noti, executive director of Campaign Legal Center, a nonprofit ethics group, told The New York Times. “It is beyond unprecedented.”
The backstory:
The price of bitcoin topped $100,000 again early Friday as a pumped up cryptocurrency industry expects early action by Trump when he’s sworn in as president next week.
RELATED: Crypto markets surge after Trump’s election victory
Once a skeptic who said a few years ago that bitcoin ” seems like a scam,” Trump has embraced digital currencies with a convert’s zeal. He vowed on the campaign trail to take steps early in his presidency to make the U.S. into the “crypto capital” of the world.
His promises including creating a U.S. crypto stockpile, enacting industry-friendly regulation and event appointing a crypto “czar” for his administration.
“You’re going to be very happy with me,” Trump told crypto-enthusiasts at a bitcoin conference last summer.
By the numbers:
According to Forbes, bitcoin hit several new record highs after Trump’s win, surpassing $100,000 within a month of Election Day. Roughly $1.8 trillion was added to the global crypto market’s aggregate market value in 2024, and $1 trillion of that was since Election Day, according to CoinGecko via Forbes.
Big picture view:
Trump’s meme coin is one of several products he has launched in recent years. He has a line of perfumes and colognes, along with “Trump Watches” celebrating his election win. His pre-win “Trump Watches” were valued up to $100,000 in September, and there was also the debut of $100 silver coins, 1,000 pairs of limited edition sneakers, $60 Trump-branded bibles and NFT cards, according to Forbes. Trump also released a line of signed and unsigned guitars sold at $11,500 and $1,500 each, respectively, for $4.6 million in sales.
Trump has received the bulk of his merchandise revenue through his NFTs, which reportedly earned him about $7.2 million in licensing fees.
To the crypto company Tether, the account was identified only by a 31-character string: TTAHMdqoom4f2VTWniroPWQHcTRZ4ca.
It’s a cryptocurrency wallet address, one of more than 300 million around the world that have held Tether tokens and make up a global unregulated payments network. Unlike a bank or fintech company, Tether collects no personal information about most of its users. Anyone can open a crypto wallet and move money with Tether quickly, cheaply and anonymously.
Bitcoin adjacent stocks got a substantial lift after the cryptocurrency’s price jumped over $104,000 on Friday.
Bitcoin mining behemoth, Mara Holdings (NASDAQ: MARA) was the biggest and most vocal, climbing by 13 per cent. It was followed closely by Riot Platforms (NASDAQ: RIOT), MicroStrategy Inc (NASDAQ: MSTR) at 7 per cent and Coinbase Global Inc (NASDAQ: COIN) at 5 per cent.
The original cryptocurrency’s good fortunes have been at the behest of Donald Trump’s election victory, based on the optimistic take that the incoming administration will take a more favourable approach to crypto, and Bitcoin in particular.
In December, Trump appointed Paul Atkins to lead the Securities and Exchange Commission. Atkins, who previously served as an SEC commissioner under President George W. Bush, has recently focused on digital assets. He is set to replace Gary Gensler, widely regarded as a crypto critic. Trump will also likely replace several SEC commissioners whose terms are set to expire during his administration.
Furthermore, crypto advocates and holders will soon shape U.S. policy on the emerging technology, following a series of nominations and advisory appointments by President-elect Donald Trump, who takes office on Monday.
The crypto industry, after years of battling lawsuits and enforcement actions by the U.S. government, hopes the Trump administration will signal a policy shift. Officials will vet political appointees for potential conflicts, and some appointees have pledged to sell their interests.
The industry will host a sold-out black-tie ball in Washington on Friday, with ticket prices ranging from USD$2,500 to USD$10,000. David Sacks, serving as Trump’s artificial intelligence and crypto czar, plans to attend.
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The reasons for the optimism surrounding the cryptocurrency’s future don’t necessarily begin and end with Trump either.
The president-elect has filled his inner-circle with a number of different cryptocurrency friendly personalities, most of whom are well-known and well-respected in the space.
Scott Bessent, a billionare hedge fund manager, is Trump’s pick for Treasury Secretary. He has expressed favourable views on cryptocurrency. According to a financial disclosure filed last month, Bessent holds shares in a BlackRock bitcoin exchange-traded fund valued between $250,001 and $500,000.
“Crypto is about freedom and the crypto economy is here to stay,” he said in July. “I think everything is on the table with bitcoin.” ‘
In a letter to the U.S. Treasury last week, Bessent stated he would divest his interests in the fund and other investments within 90 days of his confirmation.
Further, Trump selected Tesla’s chief and the world’s richest man to lead a government cost-cutting initiative called the Department of Government Efficiency (DOGE).
Elon Musk, a longtime advocate for cryptocurrencies like bitcoin and dogecoin, has significantly influenced their prices through his public comments and the actions of his companies. The acronym for Musk’s cost-cutting agency, DOGE, references dogecoin, now the seventh-largest cryptocurrency with a circulation value of $4.5 billion, according to CoinGecko.
In 2021, Tesla purchased $1.5 billion in bitcoin, making it one of the largest companies to invest in cryptocurrency before selling most of its holdings. By September 2024, Tesla reported holding $184 million in unspecified digital assets, according to a financial statement. Musk did not respond to a request for comment via Tesla regarding his personal cryptocurrency holdings.
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Vice President-elect J.D. Vance held between USD$250,001 and USD$500,000 in bitcoin as of August 2024, according to a financial disclosure.
Vance co-founded the venture capital firm Narya, which has invested in Strive, Ramaswamy’s asset management company, and the video platform Rumble, as indicated on its website. In November, Rumble announced plans to allocate its excess cash reserves to bitcoin. The company also received a USD$775 million investment from stablecoin firm Tether last year.
When asked for comment on the crypto stances of Vance and Trump’s sons, Trump-Vance transition spokesperson Brian Hughes stated—without providing evidence—that bureaucrats in Washington had attempted to stifle innovation with increased regulation and higher taxes.
“President Trump will deliver on his promise to encourage American leadership in crypto and other emerging technologies,” he said in a statement.
Finally, set to collaborate with Musk at DOGE, former presidential candidate and entrepreneur Vivek Ramaswamy is the founder of Strive Asset Management.
Strive reported managing over USD$1 billion in assets as of September, and filed last month to launch an exchange-traded fund (ETF) that invests in corporate bonds for bitcoin investments.
In November, the company launched a wealth management arm aimed at integrating bitcoin into Americans’ investment portfolios, according to a press release from Ramaswamy.
In June 2023, Ramaswamy disclosed holding between $100,001 and $250,000 in bitcoin and between $15,001 and $50,000 in ether, a smaller cryptocurrency.
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