By
Chimamanda U. Martha
June 28th, 2024
According to Kiyosaki, the Banana Zone will likely happen, in agreement with Pal’s forecast, especially since 2024 is an election year.
Popular author Robert Kiyosaki agrees that Bitcoin (BTC) will soon spike and enter into a phase called the “Banana Zone”. Kiyosaki explained his thoughts in an X post early Wednesday morning, June 26, predicting that Bitcoin will enter the zone, typically described as a period of considerably rising price increase.
Kiyosaki Believes Raoul Pal’s Bitcoin Banana Zone Forecast
In the post, Kiyosaki was responding to a forecast from former Goldman Sachs hedge fund manager, Raoul Pal, highlighting the Banana Zone for Bitcoin. Pal is credited with creating the term.
Kiyosaki explains that he believes the Banana Zone prediction because of Pal’s professional experience. The ‘Rich Dad Poor Dad’ author added that Pal once advised him to buy Bitcoin, beginning his foray into the crypto. Kiyosaki says he purchased 30 BTC at $6,000, which has now grown to $60,000. The author also noted that he has continued buying more Bitcoin monthly.
Kiyosaki also predicts that Bitcoin’s rise will make people wish they had bought BTC or bought more than they had. Explaining why Bitcoin is entering The Banana Zone, he wrote:
“Simply said: Bitcoin is ‘rules based money’. Government’s fake fiat money is ‘debt based’ money. ‘Rules based money’ makes you richer. Government’s fake ‘debt based’ money makes you poorer. Hang on tight as Bitcoin lifts off into the ‘Banana Zone’.”
Pal had expressed views in an interview with Scott Melker on an episode of his “The Wolf of All Streets” podcast. According to him, cryptocurrencies will likely perform better during the last quarter of a presidential election year. He is also bullish on Ether (ETH) and Solana (SOL). Pal said:
“The backend quarter of an election year is a true banana zone for all assets. It always is. So you know that you’ve got a very, very, very high probability that by autumn things are utterly ripping. I mean, how long before ETH, Bitcoin [and] SOL break their recent high?”
Kiyosaki Urges Investors to Buy the Dip
Kiyosaki, who is a longtime Bitcoin advocate, urged investors to buy more Bitcoin in an X post a day before. According to the author, members of the Bitcoin community should see the current market fall as a great opportunity for people to buy, instead of panicking about the price. On June 24, the world’s largest cryptocurrency by market cap fell below $60,000. Currently, Bitcoin is at $61,500, according to data from CoinMarketCap.
Kiyosaki’s post states that market crashes should not scare investors. Nonetheless, he said he is “waiting to buy more” as others are selling. His strategy is to “buy and hold on forever”.
“If crashes terrify you, sell and hang on tight to your job, which is what most ‘employees’ should do. Simply said entrepreneurs and employees are opposite sides of the same coin.”
Kiyosaki explained that all markets go up and down, which could be positive for investors who understand market movements. In addition, the author explained that investors usually earn big by trading assets, by buying at low prices and hoping to sell high.