The renowned writer of the finance book "Rich Dad Poor Dad," Robert Kiyosaki, recently disclosed that he is accumulating extra Bitcoins (BTC) at today's market pricing.
Remarkably, Kiyosaki disclosed in a tweet (1) that he posted on December 31, just before the new year, that a possible explanation for why he is exclusively upbeat on BTC at present because he thinks that the Securities and Exchange Commission (SEC) would "crush" most altcoins with its stringent guidelines.
"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"
Kiyosaki believes that the steps proposed by the SEC will result in the demise of most alternative crypto currencies. He continued by explaining that he is investing more money in Bitcoin going into 2023 because he believes that Bitcoin's strength lies in the assertion that it is accepted as a commodity on par with gold and silver.
Bitcoin as a Commodity
In June of 2022, a bill proposing new laws for crypto currencies was presented in the House of Representatives and the Senate. The primary purpose of the legislation offered was to provide regulations for the several varieties of crypto currencies.
The legislation includes a category that brings other crypto currencies under the Securities and Exchange Commission (SEC) jurisdiction.
The Commodity Futures Trading Commission (CFTC), in contrast will be in charge of maintaining Bitcoin's position inside the commodity category.
Altcoins As a Security
The SEC announced in the middle of December that it had classified FTT, the native token of the defunct crypto currency exchange FTX, as a security in the lawsuit that it had filed.
As a result of this development, speculations and concerns have been circulated regarding the legal status of other tokens traded on centralized exchanges, in addition to the ramifications of this discovery on other platforms.
Kiyosaki Has Been a Strong Proponent of Bitcoin
Kiyosaki, a Bitcoin advocate for a very long time, predicted about a month ago that gold, silver, and Bitcoin holders would do well when the the Treasury moved to print trillions of dollars. He forecasted that "fake money savers" would be the group that would suffer the most losses.
After the aftermath of the FTX crash, after the dust had started to settle, Kiyosaki predicted (2) that the price of Bitcoin may fall to $10,000. He went on to say that he intends to raise his holdings in Bitcoin to make the most of the potential decrease in its value due to the selloff, which might bring it down to between $10,000 and $12,000.
At the time of writing, Bitcoin was trading at $ 16,696, with the price stagnating in a tight range since last few days, with the upper range being $ 17,000 and the lower range being $ 16,500.