Robert Kiyosaki, author of the renowned book “Rich Dad, Poor Dad” indicated on Twitter that he expects an increase in the price of bitcoin by this 2023, due to stricter regulations by the U.S. Securities and Exchange Commission (SEC).
According to Kiyosaki, the SEC will smash most altcoins with its strong regulations, causing the price of bitcoin to rise.
Why won’t bitcoin be affected by SEC regulations?
Bitcoin is classified in the U.S. as a commodity, just like gold, silver and oil, so SEC regulations do not affect it like most altcoins.
In traditional finance, commodities such as oil or gold, which cannot be changed by man, are considered commodities.
Whereas securities are all those assets such as stocks, bonds or derivatives that are issued by companies or government institutions and usually pay interest or offer compensation to their holders.
That is why Michael Saylor, the founder of MicroStrategy, claims that the only cryptocurrency that should be considered a commodity is bitcoin, due to its decentralized nature that prevents it from being modified by a central entity.
An example of this would be the legal battle Ripple is waging against the SEC, as regulators want to classify the XRP token as a security, despite having been launched in the same way as ethereum (ETH), which was classified as a commodity.
That is why Kiyosaki stated that he would continue to loot bitcoins for the long term, as he considers it a safe investment.
“I’m very excited about bitcoin, why? Because bitcoin is classified as a commodity, just like gold, silver and oil. Most crypto tokens are classified as a security and SEC regulations will crush most of them. I am buying more BTC,” Kiyosaki wrote.
Q: Are you investing in Bitcoin?
A: Yes I am. I am very excited about Bitcoin. Why? Because Bitcoin is classified as a commodity much like gold, silver, and oil. Most crypto tokens are classifed as a security and SEC regulations will crush most of them. I am buying more BC
— Robert Kiyosaki (@theRealKiyosaki) December 31, 2022
While it is true that regulators can change bitcoin’s classification to introduce some kind of regulation that will ultimately benefit them, this is not the case for now, as they would have to change a number of rules that are legally in place and have the endorsement of many politicians.
Kiyosaki expects to buy more bitcoins if the price continues to fall
Kiyosaki is known to be a bitcoin enthusiast, so he doesn’t really care if its price continues to fall relative to the U.S. dollar.
What he is sure of is that if the price of BTC falls further he will buy more, as he stated last November 11 when he predicted that the bitcoin bottom would be between $10,000 and $12,000, claiming that at that point he would be “excited” to be able to buy more.
BITCOIN? WORRIED? No. I am a Bitcoin investor as I am an investor in physical gold, silver, & real estate. I am NOT A TRADER or flipper. When BITCOIN hits new bottom, $10 to $12 k? I will get EXCITED, not worried. I bet against the Fed,Treasury, Biden, & bet on G,S, & Bitcoin.
— Robert Kiyosaki (@theRealKiyosaki) November 11, 2022
“I am an investor in bitcoin as I am in physical gold, silver and real estate. I am not a trader or trader. When BTC hits a new bottom, between $10,000 to $12,000, I’m going to be excited, not worried. I’m betting against the Fed, the Treasury, Biden and in favor of gold, silver, and bitcoin.” Kiyosaki pointed out.
The investor assured that confidence in traditional investment products has been challenged by the initiatives of global central banks when it comes to managing inflation. As a result, he believes that cash, stocks and bonds are “toast.”
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