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Robert Kiyosaki : Bitcoin will be over $1 million in 5 years but I still prefer gold and silver
(Kitco News) - Robert Kiyosaki, the best-selling author of "Rich Dad Poor Dad" is projecting Bitcoin will climb to over $1 million in five years' time.
"I bought Bitcoin at $9,000 and I thought I was being fleeced but the reason I bought it at $9,000 was because COVID shut down the world economy," he said. "But now I look like a genius because today it is around $55,000. I think it's going to $1.2 million in five more years."
However, Kiyosaki said he still "prefers" gold and silver.
"Bitcoin is still untested. But I have the wherewithal to withstand the hit if it goes down. But I love gold and silver, gold and silver are God's money. I've traveled the world looking for this stuff," he said.
Kiyosaki said that money printing by the government, excessive stimulus and the devaluation of the U.S. dollar are what gives Bitcoin and gold their appeal.
"I'm just bearish on Biden and his communist gang, that's what I don't like," he said. "I don't trust the academic elite that's called Bernanke and Yellen and now we have Powell. These guys are communists. They'll print money, they're central bankers."
Kiyosaki cites Gresham's Law, "bad money drives out good money", as the reason he is still buying more silver and gold, as well as Bitcoin and Ethereum.
"The problem has grown too big, our pensions are going bust, baby boomers have no money, they shut down the economy" he said. "The system is forcing all of us to become gold and silver and possibly crypto buyers right now."
On silver in particular, the industrial component adds another layer of attractiveness.
"Now with AOC and the Green New Deal, silver is going to be used more and more for the environment, so silver is an industrial metal but like the thing that really is strange is that I can't buy it at retail," he said.
