This is Why Rich Dad, Poor Dad Author Buys Bitcoin Instead of Altcoins

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Robert Kiyosaki thinks US regulators will go hard on most alternative coins once they are classified as securities.

As such, the author of several best-selling books continues to invest only in bitcoin, which the CFTC and even the SEC believe is a commodity.

Kiyosaki on BTC and Altcoins

The 75-year-old American entrepreneur, author and investor has changed his mind about the leading cryptocurrency during the COVID-19-induced crisis, saying the asset has proven itself in times of extreme uncertainty. Since then, he has taken every opportunity to praise BTC and advise people to start buying.

He has also compared bitcoin to gold and silver in the past, and he did the same in his last Twitter post, which included a question about whether he was investing in the digital asset. Kiyosaki sees a bleak future for most altcoins since he believes they fall under the “stocks” category.

At the same time, BTC has been classified as a commodity for years by the US Commodity Futures Trading Commission. This is why Kiyosaki claimed that he continues to accumulate bitcoin.

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 security and SEC regulations will override most of them. I buy more BC

therealkiyosaki (@theRealKiyosaki) December 31, 2022

Commodities Vs. Securities

The cryptocurrency industry has been torn apart by US regulators trying to determine what assets are most important. While the situation with bitcoin seems undeniable, the ongoing legal battle between the SEC and Ripple Labs over XRP continues to cast a dark shadow and bring uncertainty.

The case with Ethereum’s native cryptocurrency is quite similar, and it became even more complicated after the blockchain merger. Since the completion of the long-awaited transition from proof-of-work to proof-of-stake, several US officials have asserted that ETH could become a security now.

Even SEC Chairman Gary Gensler warned that staking could officially be considered an investment, which would turn ETH into a security and bring it into the scope of his agency.

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