Bitcoin and the cryptocurrency trade basically are nonetheless dealing with the ache caused by the demise of the crypto buying and selling platform FTX.
Despite this, Robert Kiyosaki, creator of the most effective-promoting Rich Dad, Poor Dad, stays optimistic concerning the lengthy-time period viability of Bitcoin and Ethereum.
Kiyosaki identified that the 2 largest cryptocurrencies by market capitalization can’t be held liable for the conduct of former FTX CEO Sam Bankman-Fried.
BTC struck a two-yr low final week, shedding nearly 20% of its worth, because the cryptocurrency market was pummeled by the change’s collapse.
The second-largest cryptocurrency, Ethereum, has additionally declined by greater than 23% through the previous week.
R. Kiyosaki is bullish about Bitcoin. Image: BuyUCoin
Keeping The Faith On Bitcoin
The worth of the cryptocurrency market has decreased by greater than $1.4 trillion this yr, because the sector has been by points similar to enterprise failures and a liquidity drawback, which have been worsened by the downfall of FTX.
Per week in the past, Kiyosaki claimed that he would contemplate a major decline in Bitcoin’s worth as a possibility and never trigger for concern.
Last week’s broadcast of the Rich Dad Radio Show included the most effective-promoting creator discussing the FTX debacle and bitcoin with visitor Mark Moss.
Image: Coin Culture
According to Kiyosaki, many people in his age bracket are turning their backs on cryptocurrencies, particularly following the latest disaster, however he stays optimistic:
“I remain bullish on bitcoin… Bitcoin is not the same as Sam Bankman-Fried. It’s not bitcoin that’s the problem – it’s FTX.”
Kiyosaki has remained one of the vital outspoken proponents of cryptocurrencies, primarily Bitcoin, which he confirmed in an interview he had acquired for about $6,000 and is nonetheless protecting the asset.
It’s Not The Crypto’s Fault
He emphasised that the crypto can’t be faulted for the failure of FTX and Bankman-Fried, simply as silver can’t be blamed for the mismanagement of valuable metallic change-traded funds (ETFs).
The most up-to-date crypto troubles arose when Changpeng Zhao, CEO of Binance, introduced that his change will promote its FTT tokens.
FTT is the native cryptocurrency of the FTX cryptocurrency change. The motion by Binance triggered the collapse of FTX, a enterprise beforehand valued at $32 billion. Since then, FTX has filed for chapter.
Kevin O’Leary, dubbed “Mr. Wonderful”, a Canadian businessman, entrepreneur, and tv character, referred to SBF as “the Warren Buffett of bitcoin,” however, Kiyosaki has referred to him as “the Bernie Madoff of cryptocurrency,” as an alternative.
Bernard Lawrence Madoff was an American con man and financier who perpetrated the most important Ponzi rip-off in historical past, totaling almost $65 billion.
The US Justice Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission at the moment are investigating FTX.
Crypto whole market cap at $796 billion on the day by day chart | Featured picture from SBS, Chart: TradingView.com
