Prior to the ongoing recession, skeptics said Bitcoin would perform poorly in one.
When the stock market collapsed in late 2018 as the Federal Reserve announced it was putting its balance on “ autopilot, ” BTC did, dropping from $ 6,000 to $ 3,150. Therefore, when the recession started earlier this year, some expected the worst.
Still, there are a growing number of prominent names in finance and companies who say that despite bad economic conditions, Bitcoin is poised to perform better due to its properties as a form of money – namely the scarcity and decentralized nature of BTC.
Related Read: Crypto Facts: Satoshi Is Not Dumping Its Bitcoin, China ‘Bans’ Cryptocurrency Mining
Robert “Rich Dad” Kiyosaki: Buy BTC
It was difficult to miss the recent tweets from Robert “Rich Dad” Kiyosaki – the Vietnam war veteran became a prominent businessman.
The businessman – best known for his book ‘Rich Dad Poor Dad’ – has called Wall Street, the government, our central banks and other institutions every day for the past few weeks.
Kiyosaki did that again on May 24, when he noted that the Mall of America is lagging behind on its $ 1.4 billion mortgage, which raises the question, “Who doesn’t get paid?”
MALL of AMERICA in Minnesota announced it will miss the second payment for its $ 1.4 billion mortgage. An intelligent question is: “Who is not paid?” Dominoes are starting to fall. According to the IMF, debt will rise from $ 6 trillion to $ 66 trillion by the end of 2020. Buy Gold Silver & Bitcoin.
– therealkiyosaki (@theRealKiyosaki) May 24, 2020
Kiyosaki believes that the slowing economy, which will be interrupted by debt defaults like the ones mentioned above, will lead to growth in prices of Bitcoin, gold and silver.
As reported by NewsBTC, he postulated last week that he expects Bitcoin to reach $ 75,000 in the next three years, while also expecting the price of gold to nearly double in a year and the price of silver to double in five years.
Not the only prominent Bitcoin promoter
Kiyosaki is not the only prominent name in the business world to have recently recommended Bitcoin due to the persistent macroeconomic environment.
Billionaire hedge fund investor Paul Tudor Jones, for example, resolutely entered the Bitcoin space this month when he actively promoted it in a research note sent to his clients entitled The great monetary inflation.
In it, he wrote that due to the scarcity and decentralized nature of the leading cryptocurrency, buying Bitcoin makes a lot more sense than fiat currencies, which are quickly inflated due to the outbreak of COVID-19.
Alex Krüger, a respected economist, believes that Jones’ support for Bitcoin is one of the most important events ever in this space:
Paul Tudor Jones’ letter is the most bullish thing ever written about bitcoin and it came from Tudor himself. I see it as a game changer. Think many macro investors will follow suit. Mandate changes and onboarding take time. PTJ will be on CNBC this week. ‘
Related reading: 50% Crypto crash in March was a ‘nuclear bomb’ with a silver lining: investor
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