Bitcoin (BTC) Isn’t the Problem, FTX Is – Robert Kiyosaki
The cryptocurrency industry is still coping with the pain that resulted from the exchange FTX fall. Nevertheless, Rich Dad Poor Dad author Robert Kiyosaki remains buoyant about Bitcoin and Ethereum’s longer-term viability.
Kiyosaki stated that the two leading digital tokens by market cap aren’t responsible for Sam Bankman-Fried’s misconduct. Remember, Bitcoin hit a 2-year low over the past week, losing nearly 20% as the overall crypto market endured a massive collapse following FTX’s collapse. ETH, the 2nd-largest crypto, suffered a similar fate, plunging by over 23% last week.
Maintaining Faith in BTC
The crypto market has seen its value plunge by over $1.4T in 2022. That came as the sector suffered multiple issues, including liquidity crisis and business failures before the FTX downfall worsened the situation.
Meanwhile, Kiyosaki stated that he perceived a substantial dip in BTC’s price as a lucrative opportunity a week ago. Rich Dad Radio broadcast last week had the top-selling author mention FTX’s fall and BTC with Mark Moss, the guest.
He claimed that most people in his age group avoid cryptos, especially after the latest debacle, but he stays optimistic. The author added that BTC isn’t Sam Bankman-Fried, and FTX’s issues aren’t Bitcoin’s problems. Kiyosaki has been among the most outspoken supporter of crypto, primarily BTC. He confirmed about purchasing nearly $6,000, and he holds the asset.
Not The Crypto’s Accountability
Kiyosaki emphasized that the crypto isn’t accountable for Sam Bankman-Fried and FTX failure, as we cannot blame silver for the mishandling of precious metal ETFs (exchange-traded funds). The latest cryptocurrency woes emerged when Binance’s CEO revealed that his platform would sell FTT coins.
FTT is FTX’s native crypto. Binance’s actions saw a business worth $32 billion crumbling. That forced the third-largest crypto exchange to file for bankruptcy. A Canadian entrepreneur and businessman Kevin O’Leary called Sam Bankman-Fried the Warren Buffett of BTC. Meanwhile, Kiyosaki referred to SBF as Bernie Madoff of crypto.
Bernard Madoff was a US financier and con man who operated the largest Ponzi scheme in history, amounting to about $65 billion. The United States Justice Department, the CFTC (Commodity Futures Trading Commission), and the Securities & Exchange Commission are investigating FTX.
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