Bitcoin Is Not the Problem – FTX Is – R. Kiyosaki Says, Following Crypto Exchange’s Collapse
Bitcoin and the cryptocurrency industry, in general, are still grappling with the pain caused by the demise of the FTX cryptocurrency trading platform. The long-term viability of bitcoin and Ethereum. Kiyosaki stated that the two largest cryptocurrencies by market capitalization could not be held responsible for the actions of former FTX CEO Sam Bankman-Fried. Last week, BTC hit a two-year low, losing nearly 20% of its value as the stock market crash hit the cryptocurrency market. Ethereum, the second-largest cryptocurrency, has also fallen by more than 23% in the last week.
Keeping the Faith in Bitcoin
According to Kiyosaki, many people in his age group are turning away from cryptocurrencies, especially after the recent crisis, but he remains bullish: “I’m still bullish on bitcoin.”..Bitcoin is not the same as Sam Bankman -Fried not bitcoin, but FTX is the problem. Kiyosaki remains one of the staunchest supporters of cryptocurrencies, mainly Bitcoin, which he confirmed in an interview that he attained for around $6,000 and still holds the asset.
The cryptocurrency market’s value has dropped by more than $1.4 trillion this year as the sector has been hit by issues such as corporate bankruptcies and a liquidity crisis, which has worsened with the fall of FTX. Kiyosaki stated a week ago that a significant drop in the Bitcoin price would be viewed as an opportunity rather than a cause for concern. Last week on the Rich Dad Radio Show, the best-selling author discussed the FTX and Bitcoin debacle with guest Mark Moss.
It’s Not the Crypto’s Fault
He emphasized that cryptocurrencies cannot be blamed for the failure of FTX and Bankman-Fried any more than silver can be blamed for the mismanagement of precious metals exchange-traded funds (ETFs). Binance CEO Changpeng Zhao announced that his exchange would sell its FTT tokens, causing a recent crypto crisis. The FTX cryptocurrency exchange’s native cryptocurrency is FTT. Binance’s action resulted in the demise of FTX, which had previously been valued at $32 billion. FTX has since declared bankruptcy.
Kevin O’Leary, nicknamed “Mr. Wonderful,” a Canadian businessman, entrepreneur, and television personality referred to SBF as “the Warren Buffett of bitcoin.” Still, Kiyosaki instead referred to him as “Bernie Madoff’s cryptocurrency.”
Bernard Lawrence Madoff was an American fraudster and financier who perpetrated the world’s largest Ponzi scheme, totaling nearly $65 billion. The US Department of Justice, the Securities and Exchange Commission, and the Commodity Futures Trading Commission are investigating FTX.