- Robert Kiyosaki revealed that he is scooping up Bitcoin before most crypto tokens are classified as securities and innovation gets crushed.
- The 'Rich Dad Poor Dad' author and entrepreneur recommends that traders accumulate gold, silver and Bitcoin through crypto winter.
- Kiyosaki argues that the US Securities and Exchange Commission has classified Bitcoin as a commodity and most other tokens as securities.
Robert Kiyosaki, an American entrepreneur and author of Rich Dad and Poor Dad, is scooping up Bitcoin. Before crypto regulation becomes mainstream, Kiyosaki wants to accumulate Bitcoin.
Also read: Bitcoin on track to be undervalued as stablecoin reserves drop to pre-2021 bull run levels
Robert Kiyosaki recommends traders scoop up Bitcoin
Robert Kiyosaki, the American entrepreneur, told his 2.3 million followers on Twitter that he is bullish on Bitcoin because BTC is a commodity, according to the US financial regulator, unlike most cryptocurrencies.
Kiyosaki argues that the US Securities and Exchange Commission considers Bitcoin a commodity, and the asset would, therefore, not be impacted by the future actions of the regulator. The entrepreneur tells his followers on Twitter that the US SEC considers most altcoins as securities. This classification of tokens by the US financial regulator could stifle innovation in crypto.
The entrepreneur explains that he is “very excited” about Bitcoin and considers the asset a commodity similar to gold, silver and oil. SEC’s regulations could crush altcoins, but BTC will likely survive crypto regulation.
SEC Chair Gary Gensler has repeatedly affirmed that Bitcoin is a commodity and most other tokens are securities. Rostin Behnam, Chair of the Commodities Futures Trading Commission, confirmed that BTC is a commodity. The SEC’s enforcement division is focused on crypto, and the commission has been criticized for its approach to cryptocurrencies.
The collapse of the FTX exchange, its bankruptcy and spreading contagion urged regulators to finalize a framework to regulate digital assets. Central banks worldwide are evaluating the need for stablecoin regulation and cryptocurrency taxation. Stablecoins are considered the entry point for traders; therefore, regulating assets like USD Tether (USDT) and USDC is the beginning of a wider framework for crypto regulation in 2023.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Can TRX trigger 30% breakout rally after multiple rejections?
TRON (TRX) price is attempting to overcome a resistance level for the third time this year. Another failure could prove costly for TRX holders, but a breakout could trigger a massive uptrend.
This short-term Bitcoin holder indicator forecasts another rally for BTC
Bitcoin price currently trades at $26,242 with dampened volatility. But things could change quickly, as indicated by these on-chain metrics that track the behavior of BTC holders.
Litecoin price is failing recovery as Whales pull back to December 2020 lows
Litecoin price has been unable to flip the 50-day EMA into a support floor since August began. The LTC whales, which command nearly 12% of the entire circulating supply, currently have been subdued.
Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs
United States House Financial Services Committee members sent out a letter to Gary Gensler addressing the spot Bitcoin ETFs. The letter called the SEC’s standards of denial of spot ETFs “inconsistent and discriminatory”.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.