“Rich Dad, Poor Dad” author Robert Kiyosaki on Friday addressed concerns among Bitcoin (CRYPTO: BTC) skeptics regarding the pricey nature of the apex crypto.
What Happened: Kiyosaki mentioned in a post on X, formerly Twitter, that the most common excuse people give for their skepticism toward Bitcoin is that “it’s too expensive” and “it’s high.”
The Japanese American businessman, however, said he does not buy into the argument.
“And it is high … yet not as high as it's going to go,” he said.
To make his case, the best-selling author referred to his book.
“I simply repeat my rich dad's lesson on investing…. ‘Your profit is made when you buy…. Not when you sell,'” he said.
“We all wish we had bought Bitcoin when it was $10….but those days are long gone. Don't be a loser, buy a little, what you can afford and keep buying,” he added.
See Also: How To Buy Bitcoin (BTC)
Why It’s Important: Bitcoin was on a tear in 2023 and and has rallied strongly this year. The crypto is among the best-performing asset classes this year despite the sideways movement seen since it hit an all-time high of $73,750.07 on March 14. The buoyancy reflected optimism generated by the approval of spot Bitcoin ETFs.
For the year-to-date period, Bitcoin has gained over 56% compared to the S&P 500 Index’s nearly 14% gain.
Uncertainty over the regulatory environment in an election year may have made crypto investors cautious. Bullish analysts see an explosion in the price of Bitcoin in the mid- to long-term. Ark Invest’s Cathie Wood has a $2.3 billion price target for the apex crypto. At the Bitcoin Investor Day conference held in late March, the fund manager said the crypto could hit as high as $3.8 billion, thanks to institutional adoption and new ETF products.
At last check, Bitcoin fell 1.49% to $66,119.44, according to Benzinga Pro data.
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