Rich Dad R. Kiyosaki explains why he’s excited about Bitcoin in 2023

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Robert Kiyosaki, the author of the personal finance book Rich Dad Poor Dad, revealed that he was buying additional Bitcoins (BTC) at current market prices.

Notably, Kiyosaki revealed in a tweet he sent on Dec. 31, just before the New Year, that the reason he’s only bullish on BTC at the moment is because he thinks the Securities and Exchange Commission (SEC ) would “crush” most altcoins with its strict regulation.

“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 BTC.

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

— Robert Kiyosaki (@theRealKiyosaki) December 31, 2022

According to Kiyosaki, the measures proposed by the SEC would destroy the bulk of alternative cryptocurrencies. He went on to explain why he is buying more BTC as 2023 approaches, as the strength of Bitcoin is that it is recognized as a commodity in the same vein as gold and silver.

Bipartisan Crypto Bill

In June 2022, a bipartisan Cryptocurrency Regulation Bill was introduced, the main purpose of the proposed legislation was to establish regulations for the many distinct types of cryptocurrencies. The measure includes a categorization that places alternative cryptocurrencies under the jurisdiction of the SEC. The Commodity Futures Trading Commission (CFTC), meanwhile, will be responsible for monitoring Bitcoin’s status in the commodity category.

In mid-December, the SEC announced that it had classified FTT, the native token of bankrupt cryptocurrency exchange FTX, as collateral in a lawsuit. This development has given rise to rumors and questions about the legal status of other tokens traded on centralized exchanges, as well as the implications this development may have for other platforms.

Longtime Bitcoin proponent Kiyosaki predicted last month that gold, silver and BTC holders would prosper as the Federal Reserve, Treasury and Wall Street shift to printing trillions of dollars. He predicted that the biggest losers would be the “false savers”.

After the dust started to settle following the collapse of FTX, Kiyosaki predicted that the price of Bitcoin could drop to $10,000. He further stated that he plans to take advantage of the possible reduction in Bitcoin’s value to between $10,000 and $12,000 following the sell-off to increase his holdings.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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