According to the Finbold article,
‘Rich Dad’ R. Kiyosaki predicts Bitcoin to $1 million if the economy crashes. This is food for thought for those who are foreseeing the economic crash and are unable to find a safe haven for their investments.
Due to the current economic situation and the BRICS, the crash of the dollar seems obvious. Although it will not happen instantly as the US Government will bail out packages in order to maintain the dollar value, however, the question is for how long?
Some people are of the view that if there is an economic crash, then the stock market and the commodities market will crash and so will the bitcoin price will tremble. This may happen but I think the bitcoin will recover quickly and people will invest in the bitcoin. And who knows bitcoin may not fall at all if all this happens in a slow and steady fashion.
While I am a big fan from Robert Kiyosaki and read all his books, I find this prediction a bit extreme. Don't get me wrong, I am optimistic about Bitcoin and also think that the long-term price for Bitcoin is going up. Maybe in the best-case scenario 1 million USD could be paid for 1 BTC somewhere in the future. The question would be if this would happen in future where the economy crashes or the economy is in a boom phase. To me it seems very unlikely that during a big economic crisis we are going to see a new ATH of 1m for a BTC. The main explanation is that during a big crisis everybody is hurting, many companies collapse and people are losing their jobs. Who can afford during such a time to spend 1m on Bitcoins? The poorer people are struggling to pay their living expenses whereas the rich people will happily purchase all the companies in default cheaply. To me it seems much more likely that we are going to see new ATH for Bitcoins when the economy is in a boom and people have more money to spend. The crash of the USD could be one way to push BTC upwards, but right now this is not realistic as most countries still use the USD every day.