Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, revealed that he is buying more BTC at current prices.
In a tweet on Saturday, Kiyosaki claimed that the Securities and Exchange Commission (SEC) will “crush” most altcoins with their regulations, implying that’s why he’s only betting on BTC at the moment. He said:
“I’m very excited about bitcoin. And why? Because bitcoin is classified as a commodity, similar to gold, silver, and oil. Most crypto tokens are classified as securities and regulations from the SEC will eliminate most of them. I’m buying more BTC.”
In an interview with CNBC in early October, SEC Chairman Gary Gensler reiterated his belief that Bitcoin is a commodity while most other crypto tokens are securities. “The law is clear in this regard. I believe, based on the facts and circumstances, that most of these tokens are securities,” he said at the time.
In mid-December, the SEC also listed FTT, the native token of now-collapsed cryptocurrency exchange FTX, as a security in a complaint. The move sparked speculation about whether other tokens from centralized exchanges would qualify as securities and what that might mean for those platforms.
The agency noted that FTT was sold as an investment contract and benefited from increased demand for trading on FTX, “so any increase in the price of FTT would benefit FTT holders equally. and directly proportional to their FTT holdings”. She said:
“The large allocation of tokens to FTX prompted the FTX management team to take action to attract more users to the trading platform, thereby increasing the demand for the FTT token and increasing the trading price.”
Kiyosaki, who has been a long-time Bitcoin supporter, said last month that those who own gold, silver and BTC will get richer as the Federal Reserve, Treasury Department and the kingpin of Wall Street and trillions of dollars will be printed. “Counterfeit savers will be the biggest losers,” he said.
Following FTX’s collapse, he said Bitcoin could fall as low as $10,000 as the dust settles from the fallout. He added that the selloff could send Bitcoin down to $10,000-$12,000, but he will take the opportunity to stock up on more coins.
Rich Dad Poor Dad by Kiyosaki is a 1997 book that promotes the importance of financial literacy, financial independence, and wealth creation through asset investing, real estate investing, starting and owning businesses and increasing financial intelligence. The book was on the New York Times bestseller list for more than six years.