Bestselling personal finance author Rich Dad Poor Dad Robert Kiyosaki predicts a massive rush into Bitcoin (BTC) as he says more people are gearing up for the top crypto asset.
Kiyosaki tells his 2.4 million Twitter followers that Bitcoin will rise over 257% from its current value of $27,973.
He predicts that Bitcoin will eventually trade for $100,000, in part because he believes people will increasingly prefer the crypto king to the US dollar following a series of Federal Reserve interest rate hikes aimed at reducing inflation. .
He also says that Bitcoin is fundamentally sounder than traditional financial institutions like banks, which took government bailouts to stay afloat.
“WHY I USE BITCOIN: Years ago I saw BTC rise to $20,000 and then drop to $0. I thought BTC was over. I slowly watched BTC rise to $6,000 and bought a lot. WHY? Because people support BTC, not the FED or the government. BTC didn’t need the FED or government bailout because BTC people’s money. BTC to $100,000. Long live BTC.”
Bitcoin bull previously predicted that Bitcoin will eventually trade for over $100,000, predicting that the value of BTC will reach $500,000 by 2025.
He said BTC’s rally will largely be fueled by the Federal Reserve’s easing of monetary policy and the injection of liquidity into markets.
“A giant showdown is coming. Possible depression. The Fed was forced to print billions in counterfeit money. By 2025, gold at $5,000, silver at $500, and Bitcoin at $500,000. Why? Because faith in the US dollar, counterfeit money, will be destroyed. Money from the gods of gold and silver. Bitcoin [is] the people’s money. Be careful.”
Kiyosaki also said that of all crypto assets, Bitcoin is one of the most attractive, as US regulators are likely to view Bitcoin as a commodity like gold, silver and oil.
The Indian government has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trade policy implemented on April 1st, the country introduced this measure to facilitate payments to countries with a falling US dollar.
India to offer rupee-based settlement options for international trade
The Indian government is introducing new settlement methods other than US Dollar for international trade. The new foreign trade policy guidance, implemented on April 1, includes a new option to settle payments in Indian Rupees, giving countries facing a drop in the US dollar a way to continue doing business with the country.
The new directive would aim to help countries such as Sri Lanka, Bangladesh and Egypt, which are struggling to obtain US dollars to continue exchanging goods with India. Commerce Secretary Sunil Barthwal said the move would help those countries hedge disaster against a hypothetical dollar drought.
The move is part of New Delhi’s efforts to profile its currency globally. In this sense, the Indian Department of Commerce explained that this new foreign trade policy plan is designed to “work towards making the Indian rupee a global currency, adding further impetus to India’s emergence as a world trading center”.
Countries moving away from US dollar hegemony
India is the latest in a list of countries that have taken some steps to move away from using US dollars, at least for international business. China, which is part of the BRICS bloc, which is also integrated with India, Brazil, Russia and South Africa, has also been promoting the use of the Chinese yuan as part of an international policy of de-dollarization.
At the meeting between Chinese President Xi Jinping and Russian President Vladimir Putin as part of Xi’s visit to Russia on March 21, Putin supported the use of the Chinese yuan to settle payments with emerging economies in Asia, Africa and Latin America. Also, more recently, China signed an agreement with the Brazilian government to get rid of the dollar in its bilateral agreements, replacing it with national currencies.
Other blocs are also contemplating ways to lessen their reliance on the US dollar. ASEAN, the Association of Southeast Asian Nations, a bloc that includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, is pressuring its members to use national currencies for payments, as those who fear the US secondary sanctions for failing to impose a trade ban on Russia.
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Earlier this week, on Monday, February 27, the Tel Aviv Stock Exchange (TASE) published a draft seeking regulatory approval to facilitate cryptocurrency trading on its platform.
The license is primarily aimed at expanding the authorized activities of Non-Bank Members (NBMs) to include trading in digital assets. Last year, banking institutions such as Bank Leumi already started offering cryptocurrency trading services in agreement with Paxos.
Now, other players are also looking for licenses that allow them to trade digital assets. In its announcement, TASE proposed a structure that will allow customers to deposit fiat money designated specifically for cryptocurrency investments.
If regulators approve this proposal, non-bank members will act as authorized providers of cryptocurrency custody and trading services. All client funds will be placed into an “omnibus account” which will serve as an intermediary for all cryptocurrency trading activities.
It would also allow customers to withdraw funds by selling cryptocurrencies. However, this process is still a bit complex so far. The announcement notes that this is done specifically to address consumer protection and risk mitigation.
Will regulators in Israel move?
Israel has been one of the leading nations in terms of cryptocurrency participation. With global cryptocurrency regulation coming into effect, regulators in Israel are also making a move. In November 2022, the Chief Economist of the Israeli Ministry of Finance released a report: “Regulation of the Digital Asset Sector: Roadmap for a Policy”.
This report seeks to impose regulations on financial activities and services on digital assets that will be similar to those that currently apply to non-digital assets. The Tel Aviv Stock Exchange is aware of the developments and is therefore taking appropriate action. In their press release, they state:
“The TASE team prioritizes regulating and advancing cryptocurrency trading as a means of improving the Israeli capital market in line with international standards, as well as the ability of NBMs to expand their areas of activity and the ability of their clients to trade. in cryptocurrencies”.
TASE believes that aligning local and global regulations will attract more foreign investment into Israel’s crypto market. This will ensure further advancement of Israel’s capital market while promoting innovation and competition.
French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungible token (NFT) collection. The artist argued that NFTs should be covered by the First Amendment to the US Constitution, but the jury was out.
Hermes wins lawsuit against NFT creator ‘Metabirkins’
French luxury design house Hermes has won a lawsuit against Mason Rothschild, the artist behind the “Metabirkins” non-expendable token (NFT) collection, which features digital renderings of the popular Hermes Birkin bags.
Rothschild created the Metabirkins NFT Collection in 2021, which he described as “a collection of 100 unique NFTs crafted from faux leather in a variety of contemporary colors and graphic executions.” The collection has earned over 200 ETH in sales, which is equivalent to $331,684 at the time of writing. Hermes complained and sued the artist early last year for trademark infringement.
Rothschild argued that NFTs should be covered by the First Amendment to the United States Constitution. The artist’s defense team compared his work to that of Andy Warhol, who depicted Campbell’s soup cans and Coca-Cola bottles in his artwork. Rothschild argued in court:
These images and the NFTs that authenticate them are not wallets. They carry nothing but meaning.
Hermes’ lawyers accused Rothschild of “stealing the goodwill of famous Hermes intellectual property in order to create and sell his own line of products.” They argued that customers tend to confuse Metabirkins NFTs with genuine Hermes products. They even said that the Metabirkins URL is very similar to the one used by the luxury brand. Oren Warshavsky, a lawyer representing Hermes, told the court: “The reason for these sales was the Birkin name.”
After deliberating for two days, a New York jury returned a verdict Wednesday saying it “found defendant liable for trademark infringement” and “trademark dilution.” Furthermore, they found that “First Amendment protection does not preclude liability.” The jury then awarded Hermes $133,000 in damages: $110,000 for trademark infringement and $23,000 for cybersquatting.