The best-selling writer of the wealth management book Rich Dad, Poor Dad, Robert Kiyosaki, has admitted that he is buying more Bitcoin at the going rate.
Kiyosaki disclosed in a tweet he wrote on December 31, shortly before the new year, that the reason he is only bullish on Bitcoin at this time is that he thinks the Securities and Exchange Commission (SEC) would “destroy” most altcoins with its severe restrictions.
Kiyosaki and Lechter’s 1997 book, Rich Dad Poor Dad, has been a best seller in the New York Times for over six years. The book has sold over 32 million copies globally in more than 51 different languages.
Kiyosaki revealed on his Twitter account that he is buying bitcoin. The author of Rich Dad Poor Dad, Kiyosaki, said that he is “quite enthused” about BTC because it is recognized as an asset similar to gold, silver, and oil. He also stated that most other crypto tokens are classified as securities by the U.S. Securities and Exchange Commission (SEC), bitcoin has been designated as a commodity, and he warned that “SEC regulations will crush most of them.” He announced that he is purchasing additional bitcoin as he concluded his tweet.
At the beginning of October, Gary Gensler, chairman of the Securities and Exchange Commission had an interview with CNBC in which he reaffirmed his viewpoint that Bitcoin is an asset and the majority of other crypto coins are securities. “On this, the law is crystal clear. I think that the majority of these coins are securities given the facts and the conditions “At that time, he said.
The native coin of the now crypto exchange FTX, FTT, was categorized by the SEC as security in an objection at the beginning of December. The action sparked debate about whether other centralized exchange tokens should also be regarded as securities and what that may signify for such platforms.
The agency noted that FTT, which was marketed as an investment contract and benefited from increased trading activity on FTX, would profit shareholders evenly and proportionally to their FTT investments.” It read:
“The large token allocation to FTX motivated the executive team of FTX to take actions that would increase user traffic to the trading platform, which in turn increased demand for and the selling price of the FTT token”.
Opposing Crypto Legislation
A bipartisan measure on cryptocurrency governance was filed in June 2022, and its main goal was to provide regulations for the numerous different kinds of cryptocurrencies. For this category, the term “alternative categorization” shall mean On the other hand, the Commodity Futures Trading Commission (CFTC) will be in charge of keeping an eye on Bitcoin’s standing inside the commodities section.
A longtime proponent of Bitcoin Kiyosaki warned last month that when the Federal Government, Corporate finance, and Wall Street shifted to manufacturing trillions of dollars, owners of gold, silver, and BTC would thrive. He anticipated that “false money savers” will be the real victims.
After the FTX crisis had passed, Kiyosaki anticipated that the price of Bitcoin may fall to $10,000. He said that he intended to expand his holdings by taking advantage of the potential drop in Bitcoin’s price to between $10,000 and $12,000 as a result of the selloff.
Rich Dad, Poor Dad, Robert Kiyosaki has been bold enough to take this decision not minding what it will cost, However, his take and perspective about Bitcoin yielding much more than Altcoins can’t be wrong, rather it will help investors, traders, and coin holders to make careful decisions having to listen to the points he outlined which made him decide on purchasing more Bitcoin.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.