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Bitcoin, and the cryptocurrency industry in general, is still dealing with the pain caused by the collapse of the crypto trading platform FTX.
Despite this, Robert Kiyosaki remains optimistic about the long-term viability of Bitcoin and Ethereum.
The author of the best-selling book, Rich Dad, Poor Dad, suggests that the two largest cryptocurrencies by market cap cannot be blamed for the behavior of former FTX CEO Sam Bankman-Fried.
Bitcoin hit a two-year low last week, it lost almost 20% of its value, as the cryptocurrency market was rocked by the fall of the stock market.
The second largest cryptocurrency, Ethereum, is also down more than 23% in the past week.
The faith in Bitcoin is unbroken
The value of the cryptocurrency market has fallen by more than $1.4 trillion this year as the sector suffers from issues such as business failures and a liquidity problem, which was exacerbated by the FTX decline.
A week ago, Kiyosaki claimed that he would view a significant drop in the price of bitcoin as an opportunity, not a cause for fear.
On the Rich Dad Radio Show last week, the best-selling author discussed the FTX and Bitcoin debacle with guest Mark Moss.
According to Kiyosaki, many people in his age group are turning their backs on cryptocurrencies, especially after the recent crisis. But he is still hopeful:
“I will remain bullish on bitcoin… bitcoin is not the same as Sam Bankman-Fried. That’s not bitcoin the problem – it’s FTX.”
Kiyosaki remains one of the most outspoken supporters of cryptocurrencies, especially Bitcoin. He bought it for about $6,000 and still owns it.
It is not the fault of the cryptocurrency
He emphasizes that cryptocurrencies cannot be blamed for the failure of FTX and Bankman-Fried, money can be blamed for anything more than money for the mismanagement of exchange traded funds (ETFs). .
Crypto troubles recently came when Binance CEO Changpeng Zhao announced that his exchange will sell its FTT tokens. FTT is the native cryptocurrency of FTX cryptocurrency exchange.
Kevin O’Leary, nicknamed “Mr. Wonderful, Canadian businessman, entrepreneur, and television personality, calls SBF “the Warren Buffett of Bitcoin.” On the other hand, Kiyosaki refers to him as “the Bernie Madoff of cryptocurrency.”
Bernard Lawrence Madoff was an American con man and financier who ran the largest Ponzi scheme ever, worth nearly $65 billion.
FTX is now being investigated by the US Department of Justice, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Text credit: Bitcoinist
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