The Bitcoin price (BTC) is heading to $50,000 in 2021, says the best-selling author of “Rich Dad Poor Dad,” Robert Kiyosaki.
Kiyosaki pinpointed the “wall of institutional money” is coming to Bitcoin in 2021, which could push the price up further.
Why is Kiyosaki talking about institutional interest in Bitcoin?
Kiyosaki, who is also a real estate mogul and an investor in precious metals, has historically liked various stores of value including silver.
Based on the institutional inflow into Bitcoin, Kiyosaki noted that BTC below $20,000 is ideal, as $50,000 is the next target. He said:
“Glad I bought Bitcoin. Next stop $50k. Wall of institutional money coming 2021. Buy below $20k. If you missed Bitcoin, buy silver. Silver set to move due to AOC’s Green New Deal. America in trouble. Future bright for gold silver Bitcoin and entrepreneurs.”
If Bitcoin hits $50,000, its market cap would reach $928 million, which would be around 10.3% of gold’s market cap compared to the current 2.9%.
Bitcoin is in a favorable position to rally in the upcoming months because of its low correlation with the stock market.
Traditional safe-haven assets, like gold, often pull back when U.S. equities rallied. In the case of BTC, it has shown a relatively low correlation with U.S. stocks. Hence, Bitcoin has seen sharp uptrends even when equities increase in value.
For instance, over the past 24 hours, Bitcoin price has increased by around 4.5%, recording a 6.5% gain at the day’s peak.
BTC rallied in tandem with gold, while the Asian markets slumped and U.S. stocks slightly retreated. Holger Zschaepitz, a market analyst at Welt, said:
“Asian stock retreated w/European and US Futures after a mixed Wall St session, amid caution over econ risks from virus-related curbs and ongoing US fiscal stimulus talks. Bonds gain w/US 10y yields <0.9%. Dollar steady w/Euro at $1.2153. Gold rises to $1839. #Bitcoin at $19.1k.”