World-renowned author and financial educator, Robert Kiyosaki, recently expressed his support for macro guru Raoul Pal’s much-discussed “Banana Zone” theory, predicting a significant surge in Bitcoin’s BTC/USD value.
What Happened: On Tuesday, Kiyosaki, author of the best-selling book “Rich Dad Poor Dad,” voiced his agreement with Pal’s prediction that Bitcoin is set to experience a significant surge, entering what Pal has termed the ‘Banana Zone’.
Revealing his understanding of the theory, Kiyosaki said that the Banana Zone is formed when Bitcoin lifts up and goes parabolic, creating a sine curve.
Kiyosaki backed the hypothesis of the former Goldman Sachs executive, stating, “Raoul Pal knows what he is talking about.”
The author of the best-selling personal finance book cited Pal’s professional experience as a high-ranking executive, as well as personal interactions with him, as reasons for supporting the theory.
“Years ago, Raoul personally recommended I begin investing in Bitcoin. Because of his encouragement I bought 30 Bitcoin at $6,000. Today those same Bitcoin are priced at around $60,000…and I have continued to buy Bitcoin…more every month,” Kiyosaki revealed.
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Why It Matters: Pal had previously stated in a YouTube conversation that Bitcoin and other cryptocurrencies typically rally during the fourth quarter of a presidential election year, which he refers to as the ‘Banana Zone’.
Kiyosaki’s endorsement of Pal’s theory comes at a time when Bitcoin is experiencing a significant drop in value. Despite this, he remains bullish on the cryptocurrency, expressing his intention to buy more of the asset during the dip.
However, to those who view crashes negatively, his recent advice was to “sell and hang on tight to your job.”
Price Action: At the time of writing, Bitcoin was exchanging hands at $62,066.33, rising 2.52% in the last 24 hours, according to data from Benzinga Pro.
Read Next: Congressman Matt Gaetz Introduces Bill To Allow Federal Tax Payments In Bitcoin
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
