FTX Is The Issue, Not Bitcoin. Following the collapse of the cryptocurrency exchange, claims R kiyosaki.
The loss of the cryptocurrency trading site FTX has left Bitcoin and the cryptocurrency market in general still reeling.
Despite this, Robert Kiyosaki, the best-selling author of Rich Dad, Poor Dad, is still upbeat about the sustainability of Bitcoin and Ethereum in the long run.
According to Kiyosaki, Sam Bankman-Fried, the former CEO of FTX, cannot be held accountable for the actions of the two biggest cryptocurrencies by market capitalization.
Last week, BTC hit a two-year low, losing about 20% of its value as the cryptocurrency industry was devastated by the collapse of the exchange.
Ethereum, the second-largest cryptocurrency, has also dropped during the past week by more than 23%.
Continuing to Believe in Bitcoin
The market for cryptocurrencies has lost more than $1.4 trillion in value this year as a result of problems like business bankruptcies and a liquidity issue, which have gotten worse as a result of FTX’s demise.
A week ago, Kiyosaki asserted that he would view a substantial drop in the price of Bitcoin as an opportunity rather than a reason for concern.
The best-selling author and special guest Mark Moss discussed the FTX fiasco and bitcoin on the Rich Dad Radio Show last week.
Despite the fact that many people in his age group are reportedly abandoning cryptocurrencies, particularly in the wake of the recent crisis, Kiyosaki remained upbeat:
“I continue to be bullish on bitcoin… Sam Bankman-Fried is not the same as Bitcoin. It’s FTX, not bitcoin, that’s the issue.
One of the most vocal supporters of cryptocurrencies, particularly Bitcoin, which Kiyosaki acknowledged in an interview he had purchased for about $6,000 and is still holding, he has remained one of the most.
The Crypto isn’t at fault
He stressed that just as silver cannot be held responsible for the improper management of precious metal exchange-traded funds, cryptocurrencies cannot be held accountable for the failure of FTX and Bankman-Fried (ETFs).
The most recent cryptocurrency issues started when Binance CEO Changpeng Zhao revealed that their exchange will be selling its FTT tokens.
The FTX cryptocurrency exchange’s native cryptocurrency is called FTT. The $32 billion company FTX went out of business as a result of Binance’s action. FTX has since declared bankruptcy.
SBF was referred to as “the Warren Buffett of bitcoin” by Canadian businessman, entrepreneur, and television personality Kevin O’Leary, aka “Mr. Wonderful,” whereas Kiyosaki has called him “the Bernie Madoff of cryptocurrencies.”
The biggest Ponzi scheme in history involved Bernard Lawrence Madoff, an American con artist and financier who defrauded investors out of approximately $65 billion.
FTX is currently being looked into by the US Justice Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.