Rich Dad, Poor Dad author predicts #Bitcoin will reach $350,000 by ….
Mish’s Comment on @JanGold_’s Comment
These predictions are endless.
Here’s another one.
No One Knows
IYKYI stands for “If you know, you know”.
Albert knows as much as I know or Rich Dad knows about the future price of Bitcoin. And that is nothing.
But I give Albert credit. If you are going to make predictions, and don’t want to be called out on them, then don’t put a date on them.
We have had endless $1 million calls on Bitcoin in the next year for at least 10 years, all based on what people claim to “know”.
Something I Do Know
I know all about bad calls. Anyone who makes them is going to have a lot of wrong ones. But I don’t pretend to know what is unknowable.
Predicting is hard – especially about the future….
Not a fan of bitcoin/crypto but for those that are, the safe way would be holding it directly and especially not in an ETF such as ibit (i took the bait?), the blackrock etf. Just look at what happened to the ERUS Russian stock etf. Theyre selling all of the funds assets for pennies, selling to who would be interesting to know. So the same could happen to the ibit etf.
The primary direction (down) ( for the next 12-13 months) for Bitcoin and all crypto’s and crypto proxies will definitely be known by 10-11 October 2024. Proxies GBTC and coinbase are following a similar fractal pathway to ACWI, the 100+trillion dollar ETF global equity proxy. Assets(except US sovereign debt instruments) will be sold to acquire dollars to meet debt payments mostly held in US dollars. He might be right about 2030 if sovereign nations allow crypto’s to exist competing with sovereign currencies (and likely sovereign based crypto’s).
Try paying your taxes, or bank notes in shitcoin. Let me know how that goes….
What these jerkoffs (on BTC at $MILLIONS) do not mention is WILL Governments shut down the access to BTC by decree just about the time it hits $250K or LESS?
THEY do not want a CBDC competitor. CAN GOVERNMENTS restrict the USAGE OF BTC in ANY way?
Those are MY questions. CAN THE GOVERNMENT FUCK UP BTC in some way? IS IT POSSIBLE for a FORTRESS to hide BTC’s be built that is durable to Government FIDDLING?
WILL PEOPLE BE JAILED for owning BTC like the GOLD GRAB by the Government in the 30’s?
“The United States Gold Reserve Act of January 30, 1934 required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the United States Department of the Treasury.”
Gold could be HIDDEN in Jewelry and bars. I know a close friend whose Uncle, who died in 1959, had a SAFE full of COINS worth a lot in today’s Dollars. THEY KEPT THEM.
Was the gold worth anything if he could not sell it?
He just used SOME coins directly with locals. They WANTED them. But, the bulk of the coins were still there by estimates from his Nephew. It was worth a LOT of money in 2020 terms.
I think “collectable” gold coins were exempt from the confiscation….
yes they can!
Here is how I trained ALL employees of my Company over 40 years ago when I was a director:
“The FIVE W’s.
WHAT, WHY, WHERE, WHO and: WHEN?!!!!!!”
Now, I was training Supervisors and LINE managers and the first four ARE ALWAYS replied on. …… and WHEN is OFTEN left out.
WHY: the unknown elements have to be identified. The universe is at your fingertips. Smarter people were really good at UP-FRONT identification of obstacles.
So, the what changed week-to-week. Those were the points of updated committee meetings to meet the boss’s questions: WTF IS GOING ON?
More often than not, the WHEN is obscured with GEOPOLITICS, etc. THE WHEN is unknowable so to think that the when is KNOWABLE is absurd.
There are TOO MANY BTC parties, mucking up the WHAT equations and the shitcoins thing is absurd at best.
SO, a MILLION by _______ cannot be certain. There is too much randomness in things.
If during the Golden Week CL will flip SSEC might flop.
I follow and have traded CL contracts for over 22 years. I AM VERY careful knowing what is happening real time. On one trade, I made $110K and then the next day, I gave back $15K, all from Europe with a REALLY good connection and that second day, I entered and could not get in my trailing stop so I called the USA by phone. By the time the TOS GUY got in and closed at market: WHAM! I stopped trading for a bit to lick that wound.
Happy Golden Week Oct 1/7, celebrating 75Y of the People’s Republic of China. SSEC rock. Gold and BTCUSD pops !
Dow 36000: The New Strategy for Profiting from the Coming Rise in the Stock Market (published in 1999).Came true more than 20 years later.
https://en.wikipedia.org/wiki/Dow_36,000#:~:text=It%20wasn't%20until%202021,after%20the%20book%20was%20published.
About making predictions: make it either an event or a timeframe, but not both
ie. “we will have a recession” or “the next year should prove interesting”
Examine how many Bitcoins it took to buy a US median-priced home in 2012, 2016, 2020, and now in 2024. I think that is what many Bitcoin investors are basing their interest in this crypto asset.
What are the odds bitcoin $500,000.00 or $0.00 by 2030?
I still have yet to see the value in BTC.
If there’s value there anyone can invent the next one and glut the market eventually.
There’s no limit on how many of these things can be printed, making them all eventually worthless.
BTC is a scam, and I refuse to invest in it. I believe that eventually, the value will go to nothing. I could be wrong of course, and frequently am, but here I think it’s a matter of timing.
After all, eventually the value of everything goes to nothing.
My stacks of silver and gold will never go to nothing as they have intrinsic value with uses in multiple technologies. What intrinsic value does a bitcoin have? At best they are a medium of exchange but so are fiat money, gold and silver.
And unlike bitcoin at least gold and silver are pretty and can be worn as jewellery or fashioned into silverware.
Daniel: There’s a maximum of 21 million of bitcoins to be mined. We’re near the max.
Bitcoin is the perfect currency, and farmers & small biz owners are trading (with very low transaction costs), in bitcoin rather than their shitty fiat currency…in Nigeria, El Salvador, southeast asia, etc.
Go to youtube & watch Gary Gensler’s classes at MIT, and you’ll see & learn its perfection.
Bitcoin will never be money
never = when
BUT, WHEN? See my comments above, posted on 30 Sept at nearly 6:30am PST.
Blowjobs (aka labor) always has some value
The brain has a hard time telling the difference between what it knows and what it wishes ought to be true. I’m not sure it can tell the difference, actually.
Some brains have more trouble than others.
Experience is the best teacher here. I’m reminded of this gem:
“Good judgment comes from experience.
…
“Experience comes from bad judgment.”
Bitcoin is just another version of a NASDAQ 2x ETF.
Mish, any idea how the global chip market is going to be impacted by the flooding in Spruce Pine, NC? From what I understand the silica mine has the purest silica in the world and extremely critical to the chip producers.
Depends on how long the the impact is. A couple of months won’t be much but a year would make a difference.
You can’t make this shit up.
Robert Kiyosaki “Rich Dad” is a well known charlatan and grifter. He’s a big proponent of using leverage to buy assets. He sells this snake oil for boat loads of money to average Joes who are looking to get rich quick. Anyone that listens to him and takes his advice deserves everything that is coming to them. Sadly there’s a sucker born everyday. It’s no surprise in this corner that Kiyosaki is now jumping on the Bitcoin bandwagon.
What a clown world we live in…..
I heard he was a rent boy before this gig
it took LOTS of digging for me to figure out Kyosaki’s angle> “Depreciation on Real Estate” Thats’ it in nutshell. He wont come out and say it…he wants you to Buy his seminar/book etc.
The conspiracy theory says bitcoin is a pump-n-dump scheme orchestrated by Wall Street and NVDA. Now the train has moved on, and the new scam is in AI.
Yeah, NVDA sells a lot of GPU’s which are used by Bitcoin miners. What happens when Bitcoin reaches it maximum limit of coins in circulation in a few years ?
If anyone would like to set the price of so-called ‘bitcoin’ (which is 100% bits and 0% coin) to $1,000,000, I would be happy to borrow a bitcoin and sell it to you.
We can then see what the market makes of the transaction.
I would be even happier if Max Kaiser would like to buy a bitcoin from me for $50,000,000 to make his prediction come true!
Shorts will have a field day. Guy is a Kook.
Max Keiser’s $50,000,000 BTC prediction is still out there. And why not? Inflation’s like that: One day, a Big Mac is on the Dollar Menu — the next, it costs more than a Rolls-Royce. Well, in Zimbabwe anyhow. But some day, we may well know the fifty million dollar BTC — and fifty million dollar bill — and Big Mac.
I posted before I associate the number of Bitcoins it takes to buy a median-priced home in the USA.
I examine the price of a large size Burger King Whopper meal with the starting hourly rate at the same Burger King.
In Panama City Beach, it is about $15 an hour for entry level fast food, and it costs about $11 with tax for a large size Whopper meal.
The trend over the last 35 years has been between 60% to 80% of an hourly wage at fast food is equivalent to the price of a large burger meal.
Also I recently been receiving in the mail Burger King coupons for $7.49 for a large size Whopper meal, and $14.49 for two larges size Whopper meals.
Gold is a better play.
Gold is a safer play but it may not be better unless Bitcoin adopted into the BRIC’s MBridge Swift alternative. However,, I’m not betting that BTC will end up in MBridge. Gold yes.
Larry Fink and the rest of Wall Street have embraced Bitcoin with the ETFs and also Blackrock’s Bitcoin ETF will have options trading soon,
I would hold no more than 5% of assets in Bitcoin for those with +$1 million of assets.
For those with less than $1 million in assets, I would hold no more than 1/2 of a Bitcoin or its equivalent with a Bitcoin ETF.
I rather invest in a Bitcoin ETF for safety and convenience reasons.
In addition to a Bitcoin ETF, hold 7% of assets in gold and silver, and 7% in an oil and gas ETF. That should provide a hedge to fiat-currency inflation.
The rest hold in investment grade bond funds and blue chip stocks.
Using an ETF for Bitcoin could suddenly become very inconvenient and unsafe if sanctions were to be placed on Bitcoin, like what happened to Russian stocks. Blackrock is selling the holdings in the ERUS etf to who knows, and the ETF investors are receiving pennies for what they owned. If you hold the Bitcoin yourself, you have a much better chance of not losing your “investment” if sanctions were to be lifted later, though not a fan of crypto myself.
Mish, what is your take on passive investing?
Given the entire market is manipulated by the central banks… logic does not apply … so what’s the point of trying to pick winners…
That’s basically the conclusion I’m coming to. Instead of stressing about which asset to invest in and worrying about overvaluations and the end of world (which is always a few years out), I’m thinking I should just go couch potato 50/50 and call it a day. If I had that before 2008 and just stuck with it through all the ups and downs, I’d be well above where I am today.
Valuations being very high is the exact reason not to passive invest. Check out Hussman’s articles. Chances are high for the big indexes to have little to no gains over the next 10 years.
The point is, don’t pick loosers.
Storm troopers are back in Austria. Taylor Swift concert cancellation convinced voters to expel Muslim immigrants. Taylor Swift’s skipped on KC vs LAC game. Kelce has a good game.
rich dad’s whole life has been a scam. he’s a grifter. he would be a perfect sec or treasury for dumpy’s 2nd term……….
Or commerce secretary. It seems the only qualification is to not understand what the BLS is and assume all bad administration news is Trump propaganda.
“…he’s a grifter…”
100% correct!!!
Trump knows he is an an idiot/grifter. A more likely and rational choice is Jamie Dimon. Certainly not the current occupant Gina Raimondo, what a bad political joke.
it will go up it will go down rinse repeat