Bitcoin News Today – Before the current recession caused by the COVID-19 pandemic, many were saying that the performance of Bitcoin would be extremely poor. In December 2018, when the Federal Reserve made an announcement that caused the stock market to crash, the price of Bitcoin plunged from around the $6k range down to the $3k range. Hence, many expected the digital currency to perform poorly at the beginning of the recession early this year.
Nevertheless, there has been an increasing number of prominent names in business and finance backing the digital currency. They are saying that regardless of the poor economic conditions, BTC will perform greatly because of its set of properties as a form of money, such as its decentralized nature and scarcity.
Author of Rich Dad Poor Dad Urges Investors to Buy More Bitcoin
There has been an increasing number of Bitcoin bulls over the past months. Many are beginning to see the potential of the digital currency and are beginning to turn bullish for the coin. One proponent that has been hard to miss recently is the Vietnam War veteran turned prominent businessman – Robert “Rich Dad” Kiyosaki. Kiyosaki is very popular for his book “Rich Dad Poor Dad.”
Kiyosaki has been calling out the government, Wall Street, central banks, and other institutions on a daily basis for the past couple of weeks. He recently did that again on May 24, when he pointed out that the Mall of America is falling behind on its $1.4 billion mortgages.
The Ongoing Recession Will Increase the Value of Bitcoin, Gold, and Silver
The businessman believes that the slowing economy will result in a considerable increase in the prices of Bitcoin (BTC), gold, and silver. Just last week, Kiyosaki released a very bullish Bitcoin price prediction. He said that the price of the digital currency will hit $75,000 in the next three years. Whereas, he expects the price of gold to surge by almost 100 percent within the next year and that of silver to double in the next five years.
However, “Rich Dad” is not the only Bitcoin proponent we have in the business world. Recently, Paul Tudor Jones – Billionaire hedge fund investor – entered the Bitcoin space. He said that due to the decentralized nature and scarcity of the digital currency, it makes much more sense to buy Bitcoin than fiat currencies that are quickly being inflated away because of the global pandemic.
A highly reputable economist – Alex Kruger – said that Jone’s support for the digital currency is one of the most important events for the crypto space ever.
