Bitcoin, and the cryptocurrency industry in general, are still struggling to cope with the pain brought on by the collapse of crypto trading platform FTX. Despite this, Robert Kiyosaki, author of the bestselling investment theme Rich Dad, Poor Dad, remains optimistic about the long-term viability of Bitcoin and Ethereum. Here are the details…
Investment legend maintains faith in BTC
Kiyosaki pointed out that the two largest cryptocurrencies by market capitalization cannot be held responsible for the behavior of former FTX CEO Sam Bankman-Fried. As we reported as Kriptokoin.com, the cryptocurrency market was shaken by the collapse of the stock market. Therefore, BTC hit a two-year low last week. It also lost almost 20 percent of its value. The second-largest cryptocurrency, Ethereum, also fell more than 23 percent last week. The value of the cryptocurrency market has dropped more than $1.4 trillion this year as the industry has been hit by the problems.
Some platform activity and liquidity issues, which were exacerbated by the decline of FTX, affected this. A week ago, Kiyosaki claimed that he would consider a significant drop in Bitcoin price as an opportunity, not as a hedge. On last week’s broadcast of the Rich Dad Radio Show, the author discussed the FTX debacle and Bitcoin with guest Mark Moss. According to Kiyosaki, many in his age group are turning their backs on cryptocurrencies, especially after the recent crisis. However, he remains optimistic. Kiyosaki used the following statements:
I keep bullish on Bitcoin… Bitcoin is not the same as Sam Bankman-Fried. The problem isn’t Bitcoin, it’s FTX.
Kiyosaki is holding these
The expert has become one of the most outspoken advocates of cryptocurrencies, especially Bitcoin. He confirmed in an interview that he bought BTC when it was around $6,000. According to his statements, he still holds the asset. Kiyosaki stressed that just as silver cannot be held responsible for the mismanagement of precious metal exchange-traded funds (ETFs), crypto cannot be blamed for the failure of FTX and Bankman-Fried.
According to his statement last month, Kiyosaki proposes that gold, silver and Bitcoin are ways to hedge against inflation. When it comes to cryptocurrencies, Kiyosaki believes that high national debt will cause the US dollar to explode. According to Kiyosaki, investment in Bitcoin, Ethereum and Solana; It can help you protect yourself.
The starting point for FTX problems
The latest crypto issues came when Binance CEO Changpeng Zhao announced that his exchange will be selling FTT tokens. FTT is the native cryptocurrency of the FTX cryptocurrency exchange. Binance’s action triggered the collapse of FTX, a previously $32 billion business. Since then, FTX has filed for bankruptcy.
Kevin O’Leary, a Canadian businessman, entrepreneur and television personality, referred to SBF as the “Warren Buffett of Bitcoin”. But Kiyosaki referred to the SBF as the “Bernie Madoff of cryptocurrency.” Bernard Lawrence Madoff was one of the biggest Ponzi scams in history. He was an American swindler and financier whose scams totaled about $65 billion. As is known, the US Department of Justice, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) are now investigating FTX.
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