The famous author of the bestseller Rich Dad Poor Dad, Robert Kiyosaki, has revealed why he buys more bitcoins. He warned that Securities and Exchange Commission (SEC) regulations “will crush” most other cryptocurrencies.
Robert Kiyosaki buys more bitcoin and warns of SEC rules crushing crypto tokens.
Rich Dad Poor Dad author Robert Kiyosaki has revealed the main reason he invests in bitcoin. The famous author warned that the Securities and Exchange Commission (SEC) will “crush” most other cryptocurrencies with its regulation.
Rich Dad Poor Dad is a book published in 1997 and co-authored by Robert Kiyosaki and Sharon Lechter. It was on the New York Times bestseller list for over six years. Over 32 million copies of the book have been sold in over 51 languages and in over 109 countries.
Robert Kiyosaki announced on Twitter on Friday that he was investing in bitcoin. He explained that he was “very enthusiastic” to the idea of investing in bitcoin. BTC because cryptocurrency”is classified as a commodity, just like gold, silver and oil.The Rich Dad Poor Dad author added that the United States Securities and Exchange Commission (SEC) classifies bitcoin as a commodity, while most other cryptocurrency tokens are securities, warning that “SEC rules will override most of them.He ended his tweet by saying that he bought more bitcoins.
Q: Do you invest in Bitcoin?
A: Yes, I am. I am very excited about Bitcoin. Why? Because Bitcoin is classified as a commodity just like gold, silver and oil. Most crypto tokens are classified as a security, and SEC rules will crush most of them. I buy more BC
— therealkiyosaki (@theRealKiyosaki) 31 December 2022
SEC Chairman Gary Gensler has repeatedly stated that bitcoin is a commodity, while most other cryptocurrencies are securities. Chairman of the Commodity Futures Trading Commission (CFTC) Rostin Behnam has 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 industry. Gary Gensler said in May, after the terra/luna collapse, many crypto tokens will fail.
Robert Kiyosaki has been recommending investors buy gold, silver and bitcoin for some time. Robert Kiyosaki has previously stated that he is a bitcoin investor, not a trader, and therefore gets excited when bitcoins become safe bets.
Earlier this month, he predicted that bitcoin investors will get richer as the Federal Reserve spins and prints trillions of “False“dollars. After the collapse of the cryptocurrency exchange FTX, Robert Kiyosaki said he was still bullish on bitcoin and emphasized that the cryptocurrency cannot be blamed for the collapse of FTX. In September, the acclaimed author urged investors to get into cryptocurrencies now, before the biggest market crash frames.
Robert Kiyosaki also made other dire predictions, including the collapse of the US dollar, the destruction of the US economy by the Fed with its rate hikes, hyperinflation, a Great Depression and World War III.