Renowned author Robert Kiyosaki, famous for his support of cryptocurrencies, has made a bold prediction about Bitcoin. According to him, the digital asset is on the verge of entering what is commonly referred to as the “Banana Zone,” a phase characterized by exuberant and significant price growth. Kiyosaki’s optimism stems from the insights of former Goldman Sachs hedge fund manager Raoul Pal, who coined the term to describe a period of notable upward price movement.
Kiyosaki’s endorsement of Pal’s prediction comes after a recent interview conducted by Scott Melker, where Pal emphasized the historical performance of investments like Bitcoin and other cryptocurrencies during the last quarter of a US presidential election year. Pal stated that this period, known as the “Banana Zone,” is typically favorable for all assets, suggesting a high probability of a substantial market rally in the coming months.
Kiyosaki, influenced by Pal’s extensive experience at Goldman Sachs, shared that he was convinced to invest in Bitcoin based on Pal’s insights. In fact, he revealed that he purchased 30 Bitcoin when the price was a mere $6,000. Today, those same coins are valued at around $60,000, and Kiyosaki continues to add to his Bitcoin holdings on a monthly basis. He credits Pal’s YouTube lessons for his understanding of why Bitcoin is poised to enter the “Banana Zone.”
However, it’s worth noting that Bitcoin has experienced a recent decline, falling below the $60,000 mark. This drop coincided with the announcement of a payout from the bankrupt Mt. Gox exchange, which is expected to distribute over $9 billion in Bitcoin and other assets by October. Additionally, investors in Bitcoin spot ETFs have shown negative sentiment, with seven consecutive days of outflows totaling $174 million on June 24. Some attribute this to concerns about potential interest rate hikes by the Federal Reserve.
Despite these setbacks, Kiyosaki remains confident in his prediction that Bitcoin will soon enter the “Banana Zone,” where it is expected to experience significant price growth. Time will tell if his forecast proves to be accurate, but for now, Kiyosaki continues to advocate for Bitcoin as a valuable investment opportunity.
