Bitcoin Price Prediction as Robert Kiyosaki's Endorses BTC
Kiyosaki Believes that all other fiat currencies are fake and can't be compared with Gold, Silver and Bitcoin.
In a recent interview with Indian YouTuber Ranveer Allahbadia, renowned author and financial educator Robert Kiyosaki, famous for his book 'Rich Dad Poor Dad', provided a candid endorsement of Bitcoin.
Kiyosaki emphasized his belief in assets over fiat currencies, asserting that currencies like the American dollar, yen, or rupee are fundamentally 'fake'. He encouraged the younger generation to invest in tangible assets like silver, gold, or Bitcoin.
Holding up a locket gifted to him, which he aptly named 'Rich Dad Poor Dad and Bitcoin', Kiyosaki explained his affinity for Bitcoin, attributing it to the integrity of blockchain technology. He articulated that blockchain, the underlying technology of Bitcoin, inherently possesses integrity, distinguishing it from conventional currencies.
Ranveer Allahbadia also revealed that he holds a stake in Bitcoin, indicating the growing influence of cryptocurrencies among financial influencers.
Grayscale's Legal Battle Effect on Bitcoin
Grayscale's recent legal victory over the U.S. Securities and Exchange Commission (SEC) marked a significant milestone for the cryptocurrency community. The DC Circuit’s Court of Appeals unanimously overturned the SEC's denial of Grayscale Bitcoin Trust’s (GBTC) conversion to a spot Bitcoin ETF. This decision was met with enthusiasm by GBTC shareholders and the broader crypto community.
In response to the court's decision, Grayscale's legal team communicated with the SEC, asserting that there were no valid grounds for differentiating spot Bitcoin ETFs from Bitcoin futures ETFs, as demonstrated by the SEC's prior determinations.
The letter further highlighted the extended duration of the Trust's Rule 19b-4 filing, urging the SEC to expedite NYSE Arca’s Rule 19b-4 filing, thereby ensuring equitable treatment for nearly one million GBTC investors.
While Grayscale's legal victory is a significant stride toward the ETF transformation, it does not guarantee an instantaneous overhaul of the Bitcoin investment landscape.
Rising Institutional Interest and Its Implications
Beyond ETF applications, Bitcoin has garnered substantial attention from institutional investors. Glassnode's data unveiled a record high of 157,460 addresses holding 10 or more Bitcoins. This milestone surpassed the previous apex of 157,458 addresses in September 2019.
The surge in whale activity signifies heightened institutional interest, potentially leading to price surges and increased centralization of Bitcoin.
As per CoinStats, Bitcoin is currently trading at $25,764.41, down -0.08% in the previous 24 hours, with a live market size of $502 billion. It has a circulating supply volume of 21,000,000 BTC coins and a maximum supply volume of 21,000,000, with a 24-hour trading volume of $14B.
Source: CoinStats
Conclusion
In conclusion, Robert Kiyosaki's endorsement of Bitcoin and Grayscale's legal victory serve as significant endorsements for the cryptocurrency market. These developments highlight the evolving landscape of digital assets and their increasing relevance in the global financial ecosystem.
As Bitcoin continues to gain traction among both influential figures and institutional investors, its position as a transformative force in finance becomes increasingly pronounced.
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