Best-selling author of Rich Dad Poor Dad, Robert Kiyosaki, has revealed why he is buying more bitcoins. He warned that the Securities and Exchange Commission (SEC) regulations “Will crush” most other crypto-currencies.
Robert Kiyosaki buys more bitcoin and warns against SEC regulations crushing crypto tokens.
Rich Dad Poor Dad author Robert Kiyosaki has revealed the main reason he is investing in bitcoin. The famous author warned that the Securities and Exchange Commission (SEC) will “crush” most other crypto-tokens with its regulations.
Rich Dad Poor Dad is a book published in 1997 and co-authored by Robert Kiyosaki and Sharon Lechter. It has been on the New York Times bestseller list for over six years. More than 32 million copies of the book have been sold in over 51 languages and in more than 109 countries.
Robert Kiyosaki announced Friday on Twitter that he was investing in bitcoin. He explained that he was “very excited“to the idea of investing in bitcoin. BTC because the crypto-currency “is classified as a commodity, just like gold, silver and oil.“The Rich Dad Poor Dad author added that the U.S. Securities and Exchange Commission (SEC) has classified bitcoin as a commodity while most other crypto-currency tokens are securities, warning that “SEC regulations will crush most of them.“He ended his tweet by stating that he was buying more bitcoins.
Q: Are you investing in Bitcoin?
A: Yes I am. I am very excited about Bitcoin. Why? Because Bitcoin is classified as a commodity much like gold, silver, and oil. Most crypto tokens are classified as a security and SEC regulations will crush most of them. I am buying more BC
– therealkiyosaki (@theRealKiyosaki) December 31, 2022
SEC Chairman Gary Gensler has repeatedly stated that bitcoin is a commodity while most other crypto-currencies are securities. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam has also confirmed that bitcoin is a commodity.
The securities regulator said in November that its enforcement division remains 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, following the terra/luna collapse, that many crypto tokens will fail.
Robert Kiyosaki has been recommending that investors buy gold, silver and bitcoin for some time. Robert Kiyosaki has previously stated that he is a bitcoin investor, not a trader, so he gets excited when bitcoin becomes a safe bet.
Earlier this month, he predicted that bitcoin investors will become richer when the Federal Reserve pivots and prints trillions of “fake” dollars. After the collapse of the crypto-currency exchange FTX, Robert Kiyosaki said he was still optimistic about bitcoin, stressing that the crypto-currency cannot be blamed for the FTX collapse. In September, the renowned author urged investors to get into crypto-currencies now, before the biggest market crash occurs.
Robert Kiyosaki also made other dire predictions, including the collapse of the U.S. dollar, the destruction of the U.S. economy by the Fed with its rate hikes, hyperinflation, a Great Depression and World War III.