Tech
Robert Kiyosaki Highlights Bitcoin’s ‘Banana Zone’, Compares BTC to Fiat Currency
Robert Kiyosaki, author of the bestselling book “Rich Dad Poor Dad,” recently shared his thoughts on Bitcoin’s “Banana Zone,” a term brought into vogue by Raoul Pal, a financial expert.
In his latest post on X, Kiyosaki highlighted the weaknesses of fiat currency, contrasting it with Bitcoin’s robust, rules-based system. He believes Bitcoin offers a more secure and prosperous future for investors.
Robert Kiyosaki on BTC vs. Fiat
In a June 26 X post, Kiyosaki highlighted Bitcoin’s advantages over fiat money, emphasizing its stability as a store of value. Kiyosaki describes fiat money as “debt-based,” often marked by inflation and instability due to uncontrolled government minting of money.
Is the Banana Zone real?
Raoul Pal is creating a lot of buzz by talking about Bitcoin reaching the “banana zone.”
Q: Do you know what you are talking about? Q: What is the Banana Zone? A: Yes, I think Raoul PAL knows what he is talking about. A: “The Banana Zone” is…
— Robert Kiyosaki (@theRealKiyosaki) June 25, 2024
In contrast, the author of Rich Dad, Poor Dad believes that Bitcoin offers a safer option that is less susceptible to financial crises. He says that Bitcoin’s “rules-based” system gives him a fixed supply and makes him richer, unlike fiat, which he calls “debt-based government money” that makes people poorer.
According to Kiyosaki, these attributes make Bitcoin more reliable as a store of value than traditional fiat currencies. Furthermore, its decentralized nature further increases its reliability.
Kiyosaki Credits Raoul Pal for His Bitcoin Investment
Kiyosaki also thanked Raoul Pal, a former Goldman Sachs executive, for predicting Bitcoin’s entry into the “banana zone.” The Banana Zone refers to a phase in which the price of BTC increases rapidly, causing regret among those who missed the early days of Bitcoin.
Kiyosaki also expressed his complete trust in Pal due to his background as a seasoned financial expert at Goldman Sachs. Several years ago, Robert Kiyosaki revealed that Raoul Pal persuaded him to start investing in Bitcoin.
Fortunately, Kiyosaki bought 30 Bitcoin at that time, when the price of the cryptocurrency was $6,000. With the current price of Bitcoin exceeding $60,000, the bestselling author has made huge profits from the asset’s remarkable growth.
Since his first purchase, Kiyosaki has accumulated many Bitcoins every month.
In his words, “Raoul personally advised me to start investing in Bitcoin. With his encouragement, I bought 30 Bitcoins at $6,000. Today, those same Bitcoins are priced at around $60,000… and I have continued to buy Bitcoins… more and more every month.”
The author and millionaire entrepreneur predicts a significant increase in the price of Bitcoin this year. He predicts Bitcoin could reach $300,000, driven by increased buying from spot ETFs and the impact of April’s halving.
According to Kiyosaki, Bitcoin is approaching the Banana Zone, which could trigger a significant increase. “Hold tight as Bitcoin takes off towards the ‘Banana Zone,'” Kiyosaki says.
Being a staunch supporter of Bitcoin, Kiyosaki urges people to understand The advantages of Bitcoin versus fiat currencies, which may lose value due to inflation.
Recent BTC price action
The daily chart shows a bearish market setup for Bitcoin, evident with the formation of a downtrend line.
Notably, this downward pressure began on June 6, when Bitcoin failed to break above $72,000, falling below crucial support levels. As a result, many long positions were liquidated.
Bears remained in control last week, with Bitcoin dropping nearly 6%. However, market conditions have improved moderately.
Disclaimer: The views expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile and high-risk asset class.
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