In a tweet, Robert Kiyosaki claimed that the Securities and Exchange Commission (SEC) “will crush” most altcoins with his regulations, suggesting that this is why he is only bullish on BTC at the moment. He stated:
“I’m very excited about bitcoin. Why? Because bitcoin is classified as a commodity, just like gold, silver and oil. Most crypto-currencies are classified as a security and SEC regulations will crush most of them. I’m buying more BTC. “
Q: Are you investing in Bitcoin?
A: Yes I am. I am very excited about Bitcoin. Why? Because Bitcoin is classified as a commodity much like gold, silver, and oil. Most crypto tokens are classified as a security and SEC regulations will crush most of them. I am buying more BC
– Robert Kiyosaki (@theRealKiyosaki) December 31, 2022
In an interview with CNBC in early October, SEC Chairman Gary Gensler reaffirmed his belief that bitcoin is a commodity, while most other crypto-coins are securities. “The law is clear on this. I believe, on the facts and circumstances, that most of these tokens are securities“, he said at the time.
In mid-December, the SEC also classified FTT, the native token of the now-collapsed crypto-currency exchange FTX, as a security in a complaint. The decision has sparked speculation about whether other centralized exchange tokens are considered securities, and what that might mean for those platforms.
The agency noted that FTT was sold as an investment contract and benefited from increased trading demand on FTX,”such that any increase in the price of FTX would benefit FTX holders equally and in direct proportion to their FTX holdings.“He added:
“The large allocation of tokens to FTX has prompted FTX’s management team to take steps to attract more users to the trading platform and, as a result, increase the demand and trading price of the FTT token.”
Robert Kiyosaki, a longtime advocate of bitcoin, said last month that those who own gold, silver and BTC will get rich when the Federal Reserve, Treasury and Wall Street pivot and trillions of dollars are printed. “Fake money savers will be the biggest losers“he said.
In the wake of the FTX collapse, he said that bitcoin could drop to $10,000 when the dust from the fallout settles. He added that Bitcoin could drop to $10,000 or $12,000, but that he would use the opportunity to store more coins.
Rich Dad Poor Dad by Robert Kiyosaki is a book published in 1997 that advocates the importance of financial education, financial independence, and wealth creation by investing in assets, real estate, creating and owning businesses, and improving financial intelligence. It has been on the New York Times bestseller list for over six years.