- RObert Kiyosaki announced that he is scavenging Bitcoin before most crypto tokens are classified as securities and innovation is destroyed.
- Rich Dad Poor Dad author and entrepreneur recommends traders accumulate gold, silver and bitcoin during 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, an American entrepreneur and author of Rich Dad and Poor Dad, collects Bitcoin. Before crypto regulation goes mainstream, Kiyosaki wants to accumulate bitcoin.
Also read: Bitcoin is on track to become undervalued as stablecoin reserves fall to pre-2021 bull run levels
Robert Kiyosaki recommends traders to buy Bitcoin
Robert Kiyosaki, the American entrepreneur, told his 2.3 million followers on Twitter that he was bullish on Bitcoin because, unlike most cryptocurrencies, BTC is a commodity according to the US Financial Services Agency.
Kiyosaki argues that the US Securities and Exchange Commission considers bitcoin a commodity and therefore the asset would not be affected by the regulator’s future actions. The entrepreneur tells his followers on Twitter that the US SEC considers most altcoins to be securities. This classification of tokens by the US financial regulator could stifle innovation in the crypto space.
The entrepreneur states that he is “very excited” about Bitcoin and sees the asset as a commodity similar to gold, silver and oil. SEC regulations could destroy altcoins, but commodity BTC is likely to survive crypto regulation.
SEC Chairman Gary Gensler has repeatedly reiterated that Bitcoin is a commodity and most other tokens are securities. Commodities Futures Trading Commission Chairman Rostin Behnam 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 the spreading contagion pushed regulators to finalize a framework to regulate digital assets. Central banks around the world are examining the need for stablecoin regulation and cryptocurrency taxation. Stablecoins are considered the entry point for traders, so regulation of assets like USD Tether (USDT) and USDC is the start of a broader framework for crypto regulation in 2023.
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