Robert Kiyosaki accumulating bitcoin saying regulators may crush altcoins

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Bitcoin
Robert Kiyosaki accumulating bitcoin saying regulators may crush altcoins

Robert Kiyosaki, an American entrepreneur and author of bestseller “Rich Dad, Poor Dad”, in his December 31 tweet, said that despite the crypto winter, he is accumulating bitcoin. At the same time, he warned that regulatory requirements could crush altcoins. 

Robert justified his position, revealing that Bitcoin will be exempted from the regulatory hammers because it sits in the same categories as commodities like gold, silver, and oil, assets that are mostly classified as commodities. On the other hand, he opines that altcoins, which include ETH, USDT, XRP, and DeFi tokens, are seen mainly as unregulated securities by regulators in the United States. 

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On several occasions, the Securities and Exchange Commission (SEC) chairman, Gary Gensler, mentioned that most crypto assets are securities. However, bitcoin is a commodity, not adhering to the Howey Test. Rostin Behnam, the chairman of the Commodity Futures Trading Commission (CFTC), has also reiterated the agency’s stance, saying they viewed bitcoin through the same lens as the SEC.

In November, the SEC declared its Enforcement Division’s attention was still primarily on cryptocurrencies. However, the regulator has been criticized for unfavorably regulating the nascent cryptocurrency industry through enforcement. 

Robert also has eyes for metal assets

Robert also has his eyes on gold and precious metals. In his forecast, he said a stock market crash could trigger a 108% and 213% surge in gold and silver, respectively. 

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Other predictions made by Kiyosaki included the collapse of the US Dollar, more FED rate hikes, hyperinflation, a new Great Depression, and World War III.

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Emmanuel O.

Emmanuel O. is a savvy blockchain content writer with about 5 years of experience. He helps crypto brands gain visibility by creating content with a tone, voice, and style that aligns with their vision and goals. When he is not writing or tweeting about cryptocurrencies, NFTs, web3, or metaverse, he is either cycling, watching movies, or reading other content.