Famous author Robert Kiyosaki recently revealed why investing in bitcoin is more beneficial than cryptocurrencies. In fact, Mr. Kiyosaki is buying more bitcoins because he believes the SEC will eventually crush most of the other tokens on the market with its regulations.
The latest tweet sheds more light on his vision and strategy. Robert revealed that he believes that bitcoin is a more reliable and profitable cryptocurrency than others. Robert Kiyosaki is also optimistic about the future of bitcoin compared to other cryptos, the main reason being the legitimacy of bitcoin as a commodity.
Mr. Robert Kiyosaki’s tweet says that Bitcoin is almost like a commodity, probably gold, silver or oil. Second, the Securities and Exchange Commission classifies bitcoin as a commodity, while other cryptocurrencies are considered securities.
Robert Kiyosaki and Bitcoin History
Robert Kiyosaki is considered a financial expert. His first famous book, Rich dad, poor dadhas sold no less than a million copies and has been translated into more than 50 languages.
Originally published in 1997, the book is still popular today. Basically, it emphasizes the importance of making money with accurate financial education and awareness of organized wealth. However, Mr Kiyosaki has come under fire from critics who say some of his advice is wrong and dangerous.
Kiyosaki initially started buying Bitcoin because he was unhappy with the Federal Reserve’s quantitative easing and other measures. He is a big fan of gold and silver for similar reasons; He sees them all as a hedge against inflation and recession. However, this narrative has not held Bitcoin in recent months. The peak price of crypto has fallen, despite inflation being the highest it has been in 40 years. In June, the price of Bitcoin fell to an 18-month low.
How accurate is Mr. Kiyosaki’s vision for Bitcoin
SEC Chairman Gary Gensler has said several times that only bitcoin is accepted as a commodity, and most other crypto-tokens are likely to upgrade their status from a security to a permanent commodity. In addition, the chairman of the Commodity Futures Trading Commission (CFTC) is among those who classified Bitcoin as a commodity like gold or silver.
A couple of weeks earlier, Robert Kiyosaki was confident that bitcoin investors would probably get rich when the Federal Reserve injected trillions of “dummy” dollars.
Also, after the crash of the FTX crypto exchange, Mr. Robert Kiyosaki said that he is still betting on bitcoin, suggesting that crypto should not be blamed for the FTX meltdown. Kiyosaki also made other dire predictions, including the crash of the US dollar, the Fed’s destruction of the US economy with rate hikes, hyperinflation, the Great Depression, and World War III. In September, the renowned financial advisor urged investors to get into crypto before the market crash.
The obvious loop in Kiyosaki’s tweets is the idea of what we might call the bottom of the current crypto price decline. The fact is that no one has a crystal ball, and there are many other factors that could further lower the price of Bitcoin. A look at Kiyosaki’s posts over the last few months shows just that.
He has suggested a possible bottom of $20,000, $9,000 or $1,100 in a few months. He says the way forward is Bitcoin, food, guns and bullets. Then he says tuna and beans are better than Bitcoin because you can eat them. And then labels people who sell their crypto as losers.