Robert Kiyosaki accuses BlackRock of ‘suppressing Bitcoin price’ 
Cryptocurrency Dec 28, 2024 Share
Bitcoin (BTC) bull and author Robert Kiyosaki has shared an interesting theory regarding the asset’s current price struggles below $100,000 as the flagship cryptocurrency faces increased volatility.
Specifically, Kiyosaki has accused BlackRock (NYSE: BLK), the world’s largest asset manager, of manipulating Bitcoin’s price to benefit institutional investors, according to his X post on December 27.
Kiyosaki suggested that BlackRock CEO Larry Fink may be intentionally “dumping Bitcoin” to suppress its price, encouraging institutional investors to accumulate the cryptocurrency at a lower cost below $100,000.
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It’s worth noting that BlackRock has emerged as a key player in the Bitcoin market after launching a spot exchange-traded fund (ETF). Interestingly, Kiyosaki has long opposed investing in Bitcoin ETFs.
In his post, the author of ‘Rich Dad Poor Dad’ urged investors to keep Bitcoin in personal wallets rather than entrusting their assets to financial management firms.
“Larry Fink dumping Bitcoin. <…> I love Bitcoin in my own wallet. I would not trust Bitcoin in BlackRock’s ETF. BlackRock suppressing Bitcoin price so the whales can buy Bitcoin at under $100k,” Kiyosaki said.
At the same time, Kiyosaki reminded investors that former presidential candidate Vivek Ramaswamy had labeled Fink a “Marxist.”
Ramaswamy accused BlackRock of prioritizing stakeholder capitalism over shareholder capitalism. He compared Fink to World Economic Forum (WEF) founder Klaus Schwab, referencing Schwab’s statement that “someday you’ll own nothing and you’ll be happy.”
BlackRock Bitcoin ETF outflows
While Kiyosaki’s claims of price suppression cannot be substantiated, his comments come after BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), recorded its largest-ever single-day outflow of $188.7 million on December 24.
Speculation about BlackRock’s Bitcoin activities has grown, especially after the asset management firm deposited 828 BTC, valued at almost $80 million, into Coinbase on December 23. This move fuelled speculation about the investment giant’s possible sale.
Despite raising concerns about potential Bitcoin price manipulation, Kiyosaki remains bullish on the digital currency. In his latest prediction, he forecasts Bitcoin will hit $350,000 in 2025. He urged investors to continue accumulating the asset, projecting it will likely keep climbing.
As reported by Finbold, Kiyosaki remains unfazed by price corrections. He criticized individuals who complain about price drops, referring to them as “cry babies,” and suggested that any BTC price retreat should be seen as an opportunity to buy more.
Kiyosaki generally views alternative assets such as Bitcoin and precious metals, including gold and silver, as ideal for protecting wealth, particularly anticipating a predicted global economic crash.
Bitcoin price analysis
At press time, Bitcoin was trading at $94,545, down over 2% in the last 24 hours, while gaining a modest 0.8% over the past week.
Bitcoin seven-day price chart. Source: Finbold
Bitcoin faces a challenging holiday season, with the leading cryptocurrency experiencing notable capital outflows.
Concerns have mounted about a potential crash, driven by factors like the large movement of Bitcoin into exchanges and the loss of key support levels at $97,000 and $95,000. Some analysts predict the asset could drop to $60,000.
In the short term, attention is focused on Bitcoin’s interaction with the $90,000 support level, as losing this point could trigger sustained selling pressure.
Featured image via Ben Shapiro’s YouTube.