Robert Kiyosaki, author of the best-selling personal finance book Rich Dad Poor Dad, has 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 this is why he is only bullish on BTC at the moment. He said:
“I am very excited about Bitcoin. Why? Because Bitcoin is classified as a commodity much like gold, silver, and oil. Most crypto tokens are classifed as a security and SEC regulations will crush most of them. I am buying more BTC.”
In an interview with CNBC in early October, SEC Chair Gary Gensler reiterated his belief that Bitcoin is a commodity while most other crypto tokens are securities. “The law is clear on this. I believe based on the facts and circumstances, most of these tokens are securities,” he said at the time.
In mid-December, the SEC also classified FTT, the native token of the now-collapsed cryptocurrency exchange FTX, as a security in a complaint. The move stirred up speculations about whether other tokens of centralized exchanges are considered securities, and what it could mean for those platforms.
The agency noted that FTT was sold as an investment contract and benefitted from a rise in demand for trading on FTX, “such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings.” It said:
“The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.”
Kiyosaki, who has been a Bitcoin advocate for a long time, said last month that those who own gold, silver, and BTC will get richer when the Federal Reserve, the Treasury, and Wall Street pivot and trillions of dollars are printed. “Fake money savers will be the biggest losers,” he said.
In the wake of the FTX collapse, he said that Bitcoin may go 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 use the opportunity to stock up more coins.
Kiyosaki’s Rich Dad Poor Dad is a 1997 book that advocates the importance of financial literacy, financial independence, and building wealth through investing in assets, real estate investing, starting and owning businesses, as well as increasing one’s financial intelligence. It has been on the New York Times Best Seller List for over six years.