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Renowned investor and author of the best-selling personal finance book “Rich Dad, Poor Dad” Robert Kiyosaki shares his opinion on what experienced investors should do during the month of “Uptober.”

Bitcoin's [expected] surge during Uptober signifies an opportunity to acquire more bitcoins, or “go ahead and say goodbye.”
Apparently, Kiyosaki believes the traditional October rise is still to come, and it will be substantial.

Bitcoin began rising on Oct. 10 after briefly falling below $59,000 earlier in the month. This has revived hopes that a rally to a new high near $100,000 is possible. Statistically, October has often been an outstanding month of strong bitcoin performance, with the impact of the bullish momentum extending into May.

Unlike other analysts and financiers, Kiyosaki is consistently optimistic about BTC and sees it, along with gold and silver, as the main safe haven from the devastating effects of the coming economic crisis.

Other experts express their confidence that despite the ups and downs, bitcoin remains in an uptrend and could rise above $85,000 by October 31.

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Since January 2024, US corporate investors have purchased more than $13 million worth of Bitcoin- based ETFs , CryptoQuant CEO Ki Young Ju said.

Citing Form 13F, a quarterly document in which asset managers disclose information about U.S. stocks, Young Ju noted that in the 10 months since the launch of U.S. ETFs, 1,179 institutions have purchased 193,064 BTC.

Traditional financial giants like Millennium Management and Jane Street control 20% or 961,645 BTC, worth about $65 billion. These assets are spread across 11 ETFs issued by BlackRock, Bitwise, Grayscale, Fidelity and other issuers.

According to Bloomberg stock analysts Eric Balchunas and James Seyffarth, this indicates that asset managers are gradually getting used to new products based on the flagship cryptocurrency.

The most popular among institutional investors was BlackRock's IBIT. It also became the fastest-growing fund in US financial history. In a short period of time, it recorded the third-largest inflow of funds, competing with traditional ETFs that have existed for more than 20 years.

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Bitcoin’s price fell on Tuesday, pulling back from recent three-month highs as broader risk aversion- in anticipation of a tight U.S. presidential election- spilled over into cryptocurrency markets.

While speculation over a Donald Trump victory had initially boosted crypto prices, recent polls pointed to a tight race between Trump and Vice President Kamala Harris, denting risk appetite. Broader risk-driven assets retreated, which in turn weighed on sentiment towards crypto.

Strength in the dollar also pressured crypto prices, while safe haven demand saw gold hit record highs.

Bitcoin fell 2.4% to $67,412.5 by 00:49 ET (04:49 GMT). The token had risen as far as $69,000, but failed to break above $70,000, which was expected to mark a bullish turn for the token.

Election uncertainty weighs on Bitcoin
The world’s largest cryptocurrency was pulled off recent highs by increasing uncertainty over the U.S. elections, with just about two weeks left to the ballot.

Improving odds for Trump had been a key driver of crypto’s price gains in the past week, especially given that the Republican candidate has maintained a largely pro-crypto stance.

Encouraging comments from Harris- on potential crypto regulation- also buoyed sentiment.

But analysts now saw the 2024 race as too close to call, sparking broader uncertainty in risk-driven markets and pushing traders more towards safe havens such as gold and the dollar.

Prediction markets still leaned largely towards a Trump victory, with Polymarket showing Trump at a 63.7% chance over Harris’ 36.4% chance.

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