Prior to the ongoing recession, there were skeptics saying that Bitcoin would perform poorly in one.
When the stock market crashed at the end of 2018 due to the Federal Reserve announcing it put its balance sheet on “autopilot,” so did BTC, tumbling from the $6,000s to $3,150. Hence, when the recession began earlier this year, some expected the worse.
Yet there have been a growing number of prominent names in finance and business saying that despite the poor economic conditions, Bitcoin is poised to outperform due to its set of properties as a form of money — namely BTC’s scarcity and decentralized nature.
Related Reading: Crypto Tidbits: Satoshi Isn’t Dumping His Bitcoin, China ‘Bans’ Cryptocurrency Mining
Robert “Rich Dad” Kiyosaki: Buy BTC
It has been hard to miss the recent tweets from Robert “Rich Dad” Kiyosaki — the Vietnam war veteran turned prominent businessman. The businessman — who is best known for his book “Rich Dad Poor Dad” — has been calling out Wall Street, the government, our central banks, and other institutions every day for the past few weeks. on May 24th, when he noted that the Mall of America is falling behind on its $1.4 billion mortgage, raising the question: “who is not getting paid?”MALL of AMERICA in Minnesota announced it will miss 2nd payment on its $1.4 billion mortgage. An intelligent question is “Who is not getting paid?” Dominos starting to fall. IMF says debt will rise from $6 trillion to $66 trillion by end of 2020. Buy Gold Silver & Bitcoin. — Robert Kiyosaki (@theRealKiyosaki)Kiyosaki believes that the slowing economy, which will be punctuated by defaults on debts like the aforementioned, will result in growth in the prices of Bitcoin, gold, and silver.
As reported by NewsBTC, he postulated last week that he expects Bitcoin to hit $75,000 in the coming three years, while he also expects the price of gold to almost double within a year and for the price of silver to double in five years.
Not the Only Prominent Bitcoin Promoter
Kiyosaki isn’t the only prominent name in the business world that has recently recommended Bitcoin due to the ongoing macroeconomic environment. Billionaire hedge fund investor Paul Tudor Jones, for instance, this month decisively entered the Bitcoin space when he promoted the asset in a research note sent out to his clients titled In it, he wrote that due to the leading cryptocurrency’s scarcity and decentralized nature, buying Bitcoin is making much more sense than fiat currencies, which are rapidly being inflated away due to the outbreak of COVID-19. Alex Krüger, a well-respected economist, believes that Jones’ support for Bitcoin is one of the most important events for this space ever:“The Paul Tudor Jones letter is the single 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. 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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