Financial writer Robert Kiyosaki, who knows about historical market crashes, remains bullish on the two biggest cryptocurrencies of the market despite the FTX crisis.
The famous writer maintains his bull appearance in cryptocurrencies despite the collapse
The effect of the FTX crisis that broke out in November still shows its effect throughout the market. Kiyosaki, author of Rich Dad, Poor Dad, is still confident about cryptocurrencies despite this environment. During an interview with Mark Moss on November 21, he stated that he does not see FTX as a representative of the cryptocurrency market. The famous writer underlines the following, especially on reputation:
I’m still optimistic about Bitcoin, but don’t think of silver and silver ETF as the same thing. Bitcoin and Sam Bankman-Fried were not the same. The problem is FTX.
According to Kiyosaki, many people in his age group are staying away from crypto, especially after the recent crisis. However, he says he will still continue to rely on cryptocurrencies instead:
I’m still in favor of Bitcoin. Unlike many people in my age group, I’m not against it because I think Bitcoin is solid. Actually, I’m more interested in Blockchain and I own Ethereum.
The famous author bases his confidence in the cryptocurrency market on the technology of Bitcoin and Ethereum. He had previously recommended purchasing Solana as well.
Impact of FTX continues to cause chaos
What the market went through in November began after Sam Bankman-Fried stopped withdrawals from FTX, citing a liquidity crunch. In the resulting chaos, most DeFi tokens suffered a dramatic drop. As the charts show, Bitcoin dropped as low as $15,699 today. It broke the previous support hard at $15,800. It fell more than 7% at one point from last week before rebounding slightly during the day.
The current price also represents a cumulative loss of 18.19% on Bitcoin’s monthly chart, with a market cap of $301.7 billion as of November 22, according to data from CoinMarketCap. Kiyosaki, meanwhile, remained one of the most vocal supporters of Bitcoin, especially as he confirmed in the interview, buying and still holding at around $6,000. As Cryptokoin.com reported, he previously said that scarce assets will be at the forefront in the coming years. It turned out to be wrong after the FTX incident about Solana, which he said ‘buy’ in October.
My favorite saying is “Don’t teach pigs to sing. It wastes your time and annoys the pig.” Why waste your time on pigs. They’re stupid. Their minds are closed. Buy gold silver, Bitcoin and sing while pigs are crying. Take care.
— therealkiyosaki (@theRealKiyosaki) October 22, 2022
While the Solana price has been on the decline since November 2021, it has seriously lost its position with the FTX blow. The steady decline escalated exactly one year later when the FTX stock market ignited and sank. As a result, all tokens associated with the company suffer extreme declines. Like Solana, FTX Token is about to be deleted.
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