Why this author thinks that Bitcoin has not been tested enough

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Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” took to Twitter a few weeks ago to declare that the world’s largest cryptocurrency, Bitcoin, as well as precious metals like gold and silver, have a “bright future.” Kiyosaki, a long-time supporter of Bitcoin, estimated last year that the world’s biggest cryptocurrency would soon be priced in the $50,000 range.

The author is making headlines again today after claiming that Bitcoin could reach $1.2 million. Despite the forecast, Kiyosaki explained that he still prefers gold.

In a recent interview with Kitco, the “Rich Dad Poor Dad” author conjectured that Bitcoin could ultimately reach $1.2 million in the next five years. Kiyosaki bought the cryptocurrency for the first time last year when it was trading at $9,000 after the pandemic effectively shut down the world economy in early 2020. On the same, Kiyosaki said,

“I wish I bought it at 10 cents like a lot of people did, 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.”

Despite introducing himself as a committed Bitcoin advocate, however, Kiyosaki claimed that he still prefers gold and silver because Bitcoin “has not been tested.”

“I would like you to remember the year 2009. That’s why I approach this issue very carefully. “

The author explained the above remarks by citing a possible government crackdown, which he described as a “very serious concern.” Surprisingly, Ray Dalio discussed something similar in another interview a few days earlier.

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In response to Kiyosaki’s assertion, many Bitcoin supporters have debated which asset class is more important today.

Mike McGlone, a commodity strategist, recently shared data points that have increased the rate at which Bitcoin is replacing gold as a “store of wealth in investor portfolios.” Another Bitcoin supporter, Soros Fund Management’s CIO Dawn Fitzpatrick, spoke on the matter as well, saying,

“When you look at gold price action in the context of the inflation hedge narrative, it has struggled to gain traction because Bitcoin has taken some of its powerbase away.”

The interview also touched upon altcoins. According to the businessman, altcoins are here to stay, with Kiyosaki adding that he isn’t sure which one will manage to survive. He compared the current market to the Dotcom bubble in the late 90s with Amazon and Pets.com. He concluded by stating,

“Bitcoin is capable of morphing and adapting in the same way as Amazon.”

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