Robert Kiyosaki, the renowned author of Rich Dad Poor Dad, recently made a significant observation regarding Larry Fink’s decision to dump Bitcoin. On December 25, BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), experienced a massive outflow of $188.7 million, marking one of the largest Bitcoin sell-offs to date. The timing of this move has sparked speculation within the market.
In addition to Fink’s actions, Kiyosaki highlighted Vivek Ramaswamy’s criticism of BlackRock, referring to them as “Shareholder Capitalists” and drawing parallels to Marxist ideologies. Ramaswamy has been vocal about his disapproval of BlackRock’s corporate governance approach, particularly their emphasis on Environmental, Social, and Governance (ESG) criteria. He believes that BlackRock, under CEO Larry Fink, prioritizes social and political agendas over maximizing shareholder value.
Ramaswamy, through his firm Strive Asset Management, has advocated for “anti-woke” investing and has opposed the growing influence of ESG factors in business decisions. He has specifically called out companies like BlackRock for pushing such agendas.
In the midst of these developments, Kiyosaki expressed his optimistic outlook on Bitcoin, stating his preference for holding Bitcoin in his own wallet rather than trusting it in BlackRock’s ETF. He also suggested that BlackRock may be intentionally suppressing Bitcoin’s price to allow large investors to buy it at a lower price point, potentially under $100k. Despite these challenges, Kiyosaki remains bullish on Bitcoin and has shared his belief that it will reach $350,000 in 2025.
The cryptocurrency market has seen a significant surge this year, with Bitcoin’s value increasing by almost 130%. The narrative surrounding Bitcoin in 2024 has largely focused on institutional adoption, with major financial institutions and corporations showing increased interest in the cryptocurrency space. Notably, KULR Technology recently acquired 217.18 BTC for $21 million and is planning to allocate a significant portion of their surplus cash to Bitcoin.
Moreover, Bitwise Asset Management has applied for an ETF to track the shares of companies holding at least 1,000 BTC in their treasury. Additionally, Strive Asset Management, co-founded by Vivek Ramaswamy, has filed an application for a Bitcoin Bond ETF that aims to utilize derivative instruments, including MicroStrategy’s convertible securities. These developments have bolstered the overall bullish sentiment surrounding Bitcoin’s future performance.