Bitcoin and the cryptocurrency business normally are nonetheless dealing with the ache led to by the demise of the crypto buying and selling platform FTX.
Regardless of this, Robert Kiyosaki, creator of the best-selling Wealthy Dad, Poor Dad, stays optimistic concerning the long-term viability of Bitcoin and Ethereum.
Kiyosaki identified that the 2 largest cryptocurrencies by market capitalization can’t be held answerable for the conduct of former FTX CEO Sam Bankman-Fried.
BTC struck a two-year low final week, shedding virtually 20% of its worth, because the cryptocurrency market was pummeled by the alternate’s collapse.
The second-largest cryptocurrency, Ethereum, has additionally declined by greater than 23% in the course of the previous week.
R. Kiyosaki is bullish about Bitcoin. Picture: BuyUCoin
Preserving The Religion On Bitcoin
The worth of the cryptocurrency market has decreased by greater than $1.4 trillion this 12 months, because the sector has been by points akin to enterprise failures and a liquidity downside, which have been worsened by the downfall of FTX.
Every 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.
Final week’s broadcast of the Wealthy Dad Radio Present included the best-selling creator discussing the FTX debacle and bitcoin with visitor Mark Moss.
Picture: Coin Tradition
In accordance with Kiyosaki, many people in his age bracket are turning their backs on cryptocurrencies, particularly following the latest disaster, however he stays optimistic:
“I stay bullish on bitcoin… Bitcoin just isn’t the identical as Sam Bankman-Fried. It’s not bitcoin that’s the issue – it’s FTX.”
Kiyosaki has remained probably the most outspoken proponents of cryptocurrencies, primarily Bitcoin, which he confirmed in an interview he had acquired for roughly $6,000 and is nonetheless maintaining 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 treasured metallic exchange-traded funds (ETFs).
The latest crypto troubles arose when Changpeng Zhao, CEO of Binance, introduced that his alternate will promote its FTT tokens.
FTT is the native cryptocurrency of the FTX cryptocurrency alternate. 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. Fantastic”, a Canadian businessman, entrepreneur, and tv persona, referred to SBF as “the Warren Buffett of bitcoin,” however, Kiyosaki has referred to him as “the Bernie Madoff of cryptocurrency,” as a substitute.
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 Division, the Securities and Trade Fee, and the Commodity Futures Buying and selling Fee are actually investigating FTX.
Crypto whole market cap at $796 billion on the each day chart | Featured picture from SBS, Chart: TradingView.com