Renowned author Robert Kiyosaki, best known for his influential book "Rich Dad Poor Dad," has issued a compelling call to action, encouraging his followers to break free from conventional monetary systems and embrace alternative assets like gold, silver, and Bitcoin. This comes after record-breaking gold prices exceeded the $2,000 mark.
In related news, the world of cryptocurrency has witnessed a remarkable milestone as Bitcoin mining difficulty reached a historic high following an adjustment at block height 818496. Simultaneously, the average hashrate on the Bitcoin network has surged to an impressive 504.80 EH/s.
Robert Kiyosaki Urges Followers to Ditch Traditional Money for Gold, Silver, and Bitcoin Amidst Record Gold Prices
In a recent call to action, Robert Kiyosaki, the renowned author of "Rich Dad Poor Dad," has urged his followers to abandon traditional monetary systems and embrace alternative assets such as gold, silver, and Bitcoin. Kiyosaki's bold statement, "Don't be a loser. Get out of FAKE money system. Get into gold, silver, Bitcoin now… Before it's too late," comes amidst a backdrop of surging gold prices and his bullish predictions for the future value of Bitcoin.
Gold's Record-Breaking Rally
The price of gold reached a significant milestone recently, crossing the $2,000 per ounce threshold on Nov. 21. This impressive surge can be attributed to a confluence of factors, including a weakened U.S. dollar and growing investor expectations that the Federal Reserve's interest rate hikes have peaked.
The depreciation of the U.S. dollar, combined with lower Treasury yields, has made gold an increasingly attractive investment option for holders of various currencies. Market strategists attribute this surge to short covering brought about by the softening dollar and the pause in interest rate hikes, both of which have signaled a bullish outlook for gold.
Kiyosaki's Bold Bitcoin Prediction
Robert Kiyosaki has also made a noteworthy prediction regarding the future trajectory of Bitcoin, suggesting that its price could potentially skyrocket to an astonishing $135,000. This prediction follows Bitcoin's recent resurgence, with the cryptocurrency reclaiming the $38,000 level. The rally has been fueled by growing expectations surrounding potential approvals of Bitcoin exchange-traded funds (ETFs) and the anticipation of regulatory clarity following the recent Binance settlement.
While Kiyosaki's enthusiasm for gold, silver, and cryptocurrencies is evident, some financial experts and skeptics advise taking his forecasts with a grain of salt. Critics often point to Kiyosaki's tendency for dramatic predictions and his perceived lack of a nuanced understanding of complex financial systems.
Kiyosaki's Advocacy for Alternative Assets
Robert Kiyosaki's advocacy for alternative assets such as gold, silver, and Bitcoin is not a new phenomenon. He has consistently promoted these assets as hedges against economic uncertainty and inflation. Kiyosaki argues that traditional fiat currencies are susceptible to devaluation due to factors like excessive government spending and central bank policies.
Gold and silver have historically been viewed as safe-haven investments, with their value often rising during times of economic turmoil. Bitcoin, on the other hand, has gained traction as a digital store of value and a decentralized form of currency. Kiyosaki's encouragement to diversify into these assets aligns with the broader trend of investors seeking alternatives to traditional currencies and financial systems.
Bitcoin Mining Difficulty Reaches Record High as Network Hashrate Soars
In a remarkable development for the world of cryptocurrency, Bitcoin mining has scaled new heights with the recent mining difficulty adjustment at block height 818496. This milestone marks a significant achievement for the digital currency, further solidifying its position in the global financial landscape.
The recent adjustment saw the mining difficulty rise by an impressive 5.07%, catapulting it to a record high of 67.96 T (terahashes). In tandem with this, the current average hashrate, a crucial measure of the computational power of the Bitcoin network, stands at an impressive 504.80 EH/s (exahashes per second). This surge in both mining difficulty and hashrate demonstrates the robustness and resilience of the Bitcoin network.
Steady Climb of Mining Difficulty
Throughout the year 2023, the Bitcoin network has experienced a consistent upward trajectory in mining difficulty. This dynamic metric, designed to ensure the stability and security of the blockchain, undergoes adjustments approximately every two weeks, specifically every 2016 blocks. The primary objective of these adjustments is to maintain a consistent block time, the duration required to discover and add a new block to the blockchain.
In 2023 alone, Bitcoin's mining difficulty has witnessed fluctuations, ranging from a substantial 7.3% decrease in early October to an even more substantial 10% increase in January. These adjustments play a pivotal role in counteracting fluctuations in the network's hashrate, ultimately preserving the 10-minute average block time. By doing so, this mechanism effectively balances the rate of new Bitcoin creation with the computational power contributed by miners across the globe.
Bitcoin Hashrate and Upcoming Halving
Concurrently, Bitcoin's hashrate has surged to an unprecedented all-time high of 491 EH/s. This remarkable increase underscores the collective computational effort that miners are dedicating to the task of safeguarding the Bitcoin network. This development becomes even more noteworthy as the Bitcoin community eagerly anticipates the next halving event, scheduled to occur in approximately five months.
Bitcoin halving events have historically been associated with notable increases in the cryptocurrency's price. This phenomenon stems from a combination of factors, including a reduction in the rate of new coin creation and speculative anticipation within the crypto community. As the supply of new Bitcoins diminishes following a halving, market forces tend to drive up the price, creating a favorable environment for long-term investors and enthusiasts.
The soaring hashrate and the record-high mining difficulty underscore the unwavering commitment of miners to secure the Bitcoin network. As the cryptocurrency ecosystem continues to evolve, these developments not only strengthen the network's security but also bolster its resilience in the face of evolving challenges and opportunities.
Daily chart for BTC/USDT (Source: TradingView)
BTC’s price has been in a consolidation phase between $38,000 and $36,880 over the past few days. This was after the market leader was able to briefly break above the major $38,000 mark on Friday to reach a high of $38,414.
If the cryptocurrency is able to close a daily candle above $38,000 in the coming few days, then it may continue to climb to $40,000 if traders do not engage in profit taking. On the other hand, a break below $36,880 could expose BTC to the risk of falling to as low as $35,820 in the short term.