‘Rich Dad Poor Dad’ Author Is Buying More Bitcoin Amid Massive Rally
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Robert Kiyosaki, the author known for "Rich Dad Poor Dad" financial literacy books, is buying more Bitcoin after the cryptocurrency surpassed the $100,000 milestone.
Earlier this month, he predicted that the cryptocurrency could surge all the way to $350,000 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.
According to cryptocurrency analytics platform Lookonchain, a whale turned a profit of more than $4 million into a $3.75 million loss after failing to close their position ahead of a recent Bitcoin correction.
However, following Bitcoin's most recent price rally, the whale in question managed to secure an unrealized profit of $505,000.
More ETF buying
The sudden recovery comes after spot Bitcoin exchange-traded funds (ETFs) recorded more than $900 million worth of inflows on Monday, recovering from a recent streak of outflows.
Glassnode analysts argue that the selling was driven by seasonal factors. Now, they are expecting more buying activity from traditional investors.
US buyers back in action
According to CryptoQuant data, the Bitcoin rally appears to be primarily driven by spot buying on the
Notably, the Coinbase Premium Index crossed the 14-day simple moving average (SMA) for the first time in 26 days three days ago. As noted by the firm, a similar move saw Bitcoin surging from $69,000 to $108,000 in the fourth quarter of the year.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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