The best-selling author of the Rich Dad Poor Dad book, Robert Kiyosaki has recently revealed why he is now purchasing more bitcoins, he also predicted that the Securities and Exchange Commission (SEC) rules will “crush” most of the other cryptocurrencies.
Rich Dad Poor Dad is a book that teaches how to become rich and live the life of your dreams, co-written with Sharon Lechter, the book was best-seller for over six years, with total of 32 million copies have been sold in over 51 languages in over 109 countries.
Kiyosaki tweeted Friday that he is investing in bitcoin. He explained that he is “very excited” about BTC because the cryptocurrency is classified as a commodity, much like gold, silver, and oil.
Bitcoin is officially classified as a commodity by the SEC while most other cryptocurrencies are considered to be securities, so we’ll all probably need to start buying more of it.
He also suggested that investing in pension funds is waste of money, instead should invest in commodities like gold, silver and Bitcoin.
SEC Chair Gary Gensler has said that Bitcoin is a commodity and most crypto-tokens are securities.
Rostin Behnam, Chairman of the CFTC, has also confirmed that bitcoin is a commodity.
The Securities and Exchange Commission said in November it remains focused on crypto.
“The Securities and Exchange Commission should have taken an enforcement-centric approach to regulating the crypto sector and that many cryptos will fail” Gensler said in May after the terra-luna collapse.
Earlier this month, he predicted that bitcoin investors will get richer when the Federal Reserve pivots and prints trillions of “fake” dollars,following the collapse of crypto exchange FTX, Kiyosaki said that he is still bullish on bitcoin and emphasizing that crypto cannot be blamed for the FTX meltdown. In September, the renowned author urged investors to get into crypto now, before the biggest market crash strikes.
Kiyosaki also made other dire predictions, including the U.S. dollar crashing, because the Fed is destroying the U.S. economy with its rate hikes.
