- Robert Kiyosaki revealed that he is collecting Bitcoin before most crypto tokens are classified as securities and the innovation is crushed.
- Author and entrepreneur Rich Dad Poor Dad recommends that traders accumulate gold, silver and Bitcoin through the crypto winter.
- Kiyosaki argues that the US Securities and Exchange Commission has classified Bitcoin as a commodity and most other tokens are securities.
Robert Kiyosaki, American entrepreneur and author of Rich Dad and Poor Dad is covering 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 that traders take Bitcoin
Robert Kiyosaki, the American entrepreneur, told his 2.3 million followers on Twitter that he is bullish on Bitcoin because unlike most cryptocurrencies, BTC is a commodity according to the US financial regulator .
Kiyosaki argues that the US Securities and Exchange Commission considers Bitcoin a commodity and therefore the asset is not affected by the regulator’s future actions. The entrepreneur tells his Twitter followers that the US SEC considers most altcoins to be securities. This classification of tokens by the US financial regulator can stifle innovation in crypto.
The entrepreneur explains that he is “very excited” about Bitcoin and considers the asset as a commodity similar to gold, silver and oil. SEC regulations may crush altcoins, but the commodity, BTC is likely to survive crypto regulation.
SEC Chairman Gary Gensler has repeatedly asserted that Bitcoin is a commodity and many other tokens are securities. Rostin Behnam, President of the Commodity 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 their approach to cryptocurrencies.
The collapse of the FTX exchange, its failure and the spread of the contagion prompted regulators to finalize a framework to regulate digital assets. Central banks around the world are evaluating the need for stablecoin regulation and cryptocurrency taxation. Stablecoins are considered the entry point for traders so regulating assets like USD Tether (USDT) and USDC is the start of a broader framework for crypto regulation in 2023.