The best-selling author of the personal finance book Rich Dad, Poor Dad, Robert Kiyosaki, has stated that he is purchasing more bitcoin at current exchange rates.
Kiyosaki said in a tweet on Saturday that the Securities and Exchange Commission (SEC) will “crush” most altcoins with its regulations, meaning that this is why he is entirely bullish on BTC. He stated:
“I am very excited about Bitcoin. Why? Because Bitcoin is classified as a commodity, much like gold, silver, and oil. Most crypto tokens are classified as a security, and SEC regulations will crush most of them. I am buying more BTC.”
In a tweet, when someone asked him, he replied the following;
Do you make investments in Bitcoin?
Sure, I am. Regarding Bitcoin, I am pretty enthusiastic. Why? Bitcoin is categorised similarly to gold, silver, and oil as commodities. The majority of cryptocurrency tokens will fail due to SEC laws since they are classified as securities. I’m purchasing more BTC.
Early in October, SEC Chair Gary Gensler reaffirmed his conviction that Bitcoin is a commodity and that most other cryptocurrencies are securities in an interview with CNBC. “The law is clear on this. I believe, based on the facts and circumstances, most of these tokens are securities,” he said at the time.
The native token of the since-defunct cryptocurrency exchange FTX, FTT, was likewise labelled as a security by the SEC in a complaint filed in the middle of December.
The action sparked debate over the decision’s potential impact on controlled exchange platforms and whether additional tokens from those platforms should also be regarded as securities.
The agency observed that because FTT was marketed as an investment contract and benefited from increased trading activity on FTX, “any price gain in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings.” It read:
The substantial token distribution to FTX motivated the management team to pursue initiatives to enhance user engagement on the trading platform, which in turn increased demand for and raised the trading price of the FTT token.
The Federal Reserve, the Treasury, and Wall Street will pivot when trillions of dollars are produced, according to longtime Bitcoin supporter Kiyosaki, who said last month that individuals who possess gold, silver, and BTC would get wealthy. Those who try to save money, he claims, will be the biggest losers.
As the repercussions from the FTX collapse settle, he predicted that Bitcoin might drop as low as $10,000. Despite the possibility that Bitcoin may plummet to $10,000–$12,000 during the selloff, he said he would take advantage of the chance to accumulate more coins.
In his 1997 book Rich Dad Poor Dad, Robert Kiyosaki argues for the value of developing one’s financial literacy, gaining financial independence, and accumulating wealth through asset and real estate investing.
It also includes business creation and ownership and financial intelligence enhancement. It has spent more than six years as a best seller in the New York Times.