Bitcoin and the cryptocurrency industry as a whole are still struggling with the pain caused by the collapse of the cryptocurrency trading platform FTX. Despite this, Robert Kiyosaki remains optimistic about the long-term viability of Bitcoin and Ethereum.
The author of the bestseller "Rich Dad, Poor Dad" notes that the two largest cryptocurrencies by market capitalization cannot be blamed for the behavior of former FTX CEO Sam Benkman-Fried.
Bitcoin hit a two-year low last week, losing nearly 20% of its value as the cryptocurrency market was rocked by the stock market crash. The second largest cryptocurrency, Ethereum, also fell by more than 23% in the last week.
Faith in bitcoin is unshakable
This year, the value of the cryptocurrency market has fallen by more than $1.4 trillion as the sector suffers from problems such as business bankruptcies and liquidity issues, which have been exacerbated by the suspension of FTX.
A week ago, Kiyosaki said he would view a significant drop in the price of bitcoin as an opportunity rather than a cause for fear.
Last week on the Rich Dad radio show, the bestselling author discussed the FTX fiasco and bitcoin with guest Mark Moss.
According to Kiyosaki, many people in his age group are giving up on cryptocurrencies, especially after the recent crisis. But he remains optimistic:
"I remain upbeat about Bitcoin. Bitcoin is not the same as bankman-freed itself. The problem is not with Bitcoin, it's with FTX."
Kiyosaki remains one of the most outspoken supporters of cryptocurrencies, especially bitcoin. He bought it for about $6000 and still owns it. So if you have been choosing Bitcoin to deposit in your favorite online casino casinobetalingsmetoder.com, do not change your habits! After all, Bitcoin transactions in online casinos are still the safest.
Cryptocurrency is not to blame
He stresses that cryptocurrencies cannot be blamed for the failure of FTX and Bankman-Fried, just as silver cannot be blamed for the mismanagement of exchange-traded funds (ETFs).
The recent problems with the cryptocurrency began when Binance CEO Changpeng Zhao announced that his exchange would sell its FTT tokens. FTT is the native cryptocurrency of the cryptocurrency exchange FTX.
Kevin O'Leary nicknamed "Mr. Vanderpool, a Canadian businessman, entrepreneur, and television host, calls SBF the "Warren Buffett of bitcoin". Kiyosaki, on the other hand, calls him the "Bernie Madoff of cryptocurrency".
Bernard Lawrence Madoff was an American fraudster and financier who perpetrated the largest Ponzi scheme in history totaling nearly $65 billion.
Now the US Department of Justice, the Securities and Exchange Commission and the Commodity Futures Trading Commission are investigating FTX.