‘Rich Dad Poor Dad’ Author Is Buying More Bitcoin Amid Massive Rally

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Robert Kiyosaki, famed for his “Rich Dad Poor Dad” finance books, has opted to acquire additional Bitcoin following its breakthrough above the $100,000 mark.

In the recent past, he forecasted a potential increase for the cryptocurrency, reaching as high as $350,000 by the end of this year.

Bitcoin’s comeback 

Earlier today, the price of Bitcoin reached an intraday high of $102,514 on the Bitstamp exchange.

This is the highest level reached by the cryptocurrency since Dec. 19. 

Bitcoin has now rallied by more than 12% since plunging to a local low of $91,315 on Dec. 30.

Based on data from the crypto analysis platform Lookonchain, a large investor (often referred to as a ‘whale’) incurred a loss of over $3.75 million, having initially made a profit of more than $4 million, when they failed to sell their Bitcoin holdings before a recent market correction occurred.

After the latest surge in Bitcoin’s price, the particular whale successfully earned a potential profit of $505,000.

More ETF buying  

Following an unexpected surge, the recovery occurred after Bitcoin ETFs experienced approximately $900 million in investments on Monday, bouncing back from a series of previous withdrawals.

According to Glassnode analysts, the recent selling could be due to seasonal trends. They now anticipate increased purchasing behavior from conventional investors.

US buyers back in action 

Based on information from CryptoQuant, it seems that the surge in Bitcoin’s price is largely due to increased purchasing on the spot market.

3 days ago, the Coinbase Premium Index went above its 14-day moving average for the first time in 26 days. This is significant because a similar occurrence was followed by Bitcoin rising from $69,000 to $108,000 during the last quarter of the year, as pointed out by the firm.

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2025-01-06 21:21