According to CryptoPotato, renowned American author and businessman Robert Kiyosaki has once again expressed his support for Bitcoin (BTC), praising its superiority over traditional assets like gold, silver, and oil. In a recent tweet, Kiyosaki elaborated on why he believes Bitcoin stands out among these assets. He acknowledged his ownership of gold and silver mines along with oil wells, but pointed out a fundamental flaw in these traditional assets. The more they are mined, the more their values are diluted, unlike Bitcoin, which has a fixed supply of 21 million coins.
Kiyosaki’s long-term bullish stance on Bitcoin is well-known, with him consistently advising people to accumulate the cryptocurrency. Recently, he projected that Bitcoin could surge to $300,000 by the end of 2024, showing his optimism about its future prospects. Supporting Kiyosaki’s views, Michael Saylor, the executive chairman of MicroStrategy, recently claimed in a CNBC interview that Bitcoin would ‘eat gold’ in the coming months. Saylor dubbed Bitcoin as ‘digital gold,’ citing its superiority over the precious metal due to its remarkable qualities. According to Saylor, Bitcoin possesses all the positive attributes of gold without any of its drawbacks. He highlighted Bitcoin’s digital transferability, which contrasts with the logistical challenges of transporting gold globally.
Bloomberg ETF analyst Eric Balchunas predicted that spot Bitcoin ETFs are on track to surpass gold ETFs. Balchunas emphasized the ease with which spot Bitcoin ETFs could conquer the yellow metal counterparties, indicating a shifting preference among investors. Nate Geraci, the founder of ETF Store, also recently provided evidence of Bitcoin’s growing dominance. He noted that total flows into nine new spot Bitcoin ETFs over the past two months exceed the total flows into all physical gold ETFs over the past five years. According to Balchunas, since the rollout of spot Bitcoin ETFs in the United States, investors have poured billions of dollars into the product, amassing a collective $55 billion in assets under management (AUM) and facilitating $110 billion in trades since January.
