Robert Kiyosaki Continues To Invest In Bitcoin Despite the Market is Weakening, This Is The Reason
JAKARTA - The author of the book Rich Dad Poor Dad, Robert Kiyosaki, reveals the main reasons why he invests in bitcoin. This well-known author also revealed that the Securities and Exchange Commission (SEC) would “destroy” most other crypto tokens with its regulations.
Rich Dad Poor Dad is a 1997 book co-written by Kiyosaki and Sharon Lechter. The book has been on the New York Times Best Seller List for more than six years. More than 32 million examples of this book have been sold in more than 51 languages in more than 109 countries.
Kiyosaki's tweet Friday, December 30 says he's invested in bitcoin. He explained that he was “really excited” about BTC because the cryptocurrency is “categorized as a commodity like gold, silver and oil.”
The Rich Dad Poor Dad author also adds that the US Securities and Exchange Commission (SEC) has classified bitcoin as a commodity, while most other crypto tokens are securities. He also warned that "SEC regulations will destroy most of them." He ended his tweet by stating that he was buying more bitcoins.
SEC chairman Gary Gensler has repeatedly said that bitcoin is a commodity while most other crypto tokens are securities. Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, also confirmed that bitcoin is a commodity.
The securities regulator said in November that its Enforcement Division remained focused on crypto. The SEC has been heavily criticized for taking an enforcement-centric approach to regulating the crypto sector. Gensler said in May after the Terra/Luna collapse that many crypto tokens would fail.
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As reported by Bitcoin.com, Kiyosaki has been recommending investors to buy gold, silver and bitcoin for some time. Kiyosaki previously said that he is a bitcoin investor, not a trader, so he was excited when BTC hit a new low.
Earlier this month, he predicted that bitcoin investors would be even richer when the Federal Reserve pivoted and printed trillions of “fake” dollars. Following the crash of crypto exchange FTX, Kiyosaki said he is still bullish on bitcoin, and emphasized that cryptocurrencies are not to blame for FTX's crash. In September, the acclaimed author urged investors to get in and invest in crypto now, before the biggest market crash occurs.
Kiyosaki also made other dire predictions, including a fall in the US dollar, the Fed destroying the US economy with rising interest rates, hyperinflation, the Great Depression, and World War III.