Renowned author Robert Kiyosaki recently revealed why investing in bitcoin is more beneficial than cryptocurrencies. As a matter of fact, Mr. Kiyosaki is buying more bitcoins as he believes that SEC will eventually crush most other tokens in the market with its regulations.
The recent tweet clarifies more about his vision and strategy. Robert revealed that he considers bitcoin a more reliable and lucrative crypto than others. Robert Kiyosaki is also optimistic about bitcoin’s future in comparison to other cryptos, the main reason is bitcoin’s legitimacy being considered a commodity
Mr. Robert Kiyosaki’s tweet states that Bitcoin is almost like a commodity, more likely gold, silver, or oil. Secondly, the Securities and Exchange Commission also classifies bitcoin as a commodity, whereas other cryptocurrencies are considered securities.
Robert Kiyosaki and Bitcoin History
Robert Kiyosaki is considered a financial expert. His famous first book, Rich Dad, Poor Dad, sold not less than millions of copies and has been translated into over 50 languages.
Initially published in 1997, the book is still popular today. It basically emphasizes the importance of money making, with awareness of accurate financial education and organized wealth. However, Mr. Kiyosaki has come under fire from critics who say some of the advice is wrong and bordering on dangerous.
Kiyosaki originally started to buy Bitcoin because he was unhappy about the Federal Reserve’s quantitative easing and other measures. He’s a big fan of gold and silver for similar reasons — he sees them all as a hedge against inflation and recessions. However, this narrative hasn’t held for Bitcoin in recent months. The top crypto’s price has plummeted in spite of the fact inflation is the highest it’s been in 40 years. In June, Bitcoin’s price fell to an 18-month low.
To what extent Mr. Kiyosaki’s approach toward Bitcoin is accurate
SEC Chairman Gary Gensler has said on numerous occasions that it is only bitcoin that is accepted as a commodity, while most other crypto tokens are less likely to upgrade their status from a security to a sustained commodity. In addition, The chairman of the Commodity Futures Trading Commission (CFTC) is also among those who classified Bitcoin as a commodity like gold or silver.
A couple of weeks earlier, Robert Kiyosaki was confident that bitcoin investors would most likely get wealthier when the Federal Reserve introduced trillions of “dummy” dollars.
Furthermore, Following the crash of the crypto exchange FTX, Mr. Robert Kiyosaki said he is still bullish on bitcoin, suggesting that crypto is not supposed to be blamed for the FTX meltdown. Kiyosaki also made other dire predictions, including the U.S. dollar crashing, the Fed destroying the U.S. economy with its rate hikes, hyperinflation, a Greater Depression, and World War III. In September, the renowned financial advisor urged investors to get into crypto before the market crash strikes.
The obvious loop in Kiyosaki’s tweets is the idea that we can call the bottom of the current crypto price slump. The fact is that nobody has a crystal ball, and there are so many other factors that could still push Bitcoin’s price down further. A glance at Kiyosaki’s messages in recent months demonstrates precisely this.
In just a few months, he’s suggested a potential Bitcoin bottom of $20,000, $9,000, or even $1,100. He says the way forward is Bitcoin, food, guns, and bullets. Then he says tuna and baked beans are better than Bitcoin because you can eat them. And then he labels people who sell their crypto as losers.