- RObert Kiyosaki revealed that he was looking for Bitcoin before classifying many crypto tokens as securities and destroying new things.
- The Rich Dad Poor Dad author and entrepreneur advises traders to accumulate gold, silver and Bitcoin through the crypto winter.
- Kiyosaki said that the US Securities and Exchange Commission has classified Bitcoin as a commodity and many other tokens are securities.
Robert Kiyosaki, an American businessman and the author of Rich Dad and Poor Dad uses Bitcoin. Before crypto regulation becomes mainstream, Kiyosaki wants to stockpile Bitcoin.
Also read: Bitcoin on track to bearish as stablecoin reserves fall ahead of 2021 bull run level
Robert Kiyosaki advises traders to find Bitcoin
Robert Kiyosaki, the American businessman, told his 2.3 million followers on Twitter that he is betting on Bitcoin because unlike most cryptocurrencies, BTC is a commodity that according to US financial law.
Kiyosaki said that the US Securities and Exchange Commission considers Bitcoin to be a commodity and that the asset will not be affected by the future actions of the regulator. The entrepreneur has told his followers on Twitter that the US SEC considers most altcoins to be securities. This classification of symbols by the US financial authorities can prevent innovation in crypto.
The businessman explains that he is “very excited” about Bitcoin and thinks that the asset is a commodity similar to gold, silver and oil. SEC rules may crush altcoins, but as a commodity, BTC may survive crypto regulations.
SEC Chair Gary Gensler has repeatedly confirmed that Bitcoin is a commodity and many other tokens are securities. Rostin Behnam, Chairman of the Commodity Futures Trading Commission confirmed that BTC is a commodity. The enforcement division of the SEC is focused on crypto and the commission has been criticized for their approach to cryptocurrencies.
The collapse of the FTX exchange, its bankruptcy and the spread of disease forced the authorities to complete a framework to regulate digital assets. Central banks around the world are considering the need for stablecoin regulation and currency taxation. Stablecoins are considered the entry point for traders and the regulation of assets such as USD Tether (USDT) and USDC is the beginning of the general scope for regulation in 2023.