Rich Dad Poor Dad Author Robert Kiyosaki Buys More Bitcoin At Current Prices Here’s Why

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Robert Kyosaki. Source: A video screenshot, Youtube/The Rich Dad Channel

Robert Kiyosaki, author of the best-selling personal finance book Rich Dad Poor Dad, revealed that he is acquiring more BTC at current rates.

In a Saturday tweet, Kiyosaki claimed that the Securities and Exchange Commission (SEC) will “crush” most altcoins with its regulations, suggesting that’s why he’s only bullish on BTC at the moment. He said:

“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 regulations classify them as a commodity. will mostly crush. I’m buying more BTC.”

In an interview with CNBC in early October, SEC Chairman Gary Gensler reiterated his belief that Bitcoin is a commodity while most other crypto tokens are securities. “The law is clear on that. I think based on the facts and the circumstances, most of these tokens are securities,” he said at the time.

In mid-December, the SEC also listed FTT, the native token of now-collapsed cryptocurrency exchange FTX, as collateral in a lawsuit. The move has sparked speculation about whether other tokens from centralized exchanges qualify as securities and what that might mean for those platforms.

The agency noted that FTT was sold as an investment contract and benefited from an increase in demand for trading on FTX, “so any increase in the price of FTT would benefit holders of FTT significantly. equal and proportional to their FTT holdings”. It said:

“The large allocation of tokens to FTX has prompted the FTX management team to take action to attract more users to the trading platform and thereby increase demand and increase the price of negotiation of the FTT token.”

Kiyosaki, a long-time bitcoin advocate, said last month that those who own gold, silver and BTC will get richer when the Federal Reserve, Treasury and Wall Street pivot and billions of dollars will be printed. “Fake savers will be the biggest losers,” he said.

Following FTX’s collapse, he said Bitcoin could drop as low as $10,000 as the dust from the fallout settles. He added that the selloff could see Bitcoin drop to $10,000-$12,000, but he will take the opportunity to hoard more coins.

Rich Dad Poor Dad by Kiyosaki is a 1997 book that advocates the importance of financial literacy, financial independence, and wealth creation through investing in assets, investing in real estate, starting up, and owning companies, as well as increasing its financial intelligence. It has been on the New York Times bestseller list for more than six years.

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