Bitcoin is not the problem – FTX is
Bitcoin and the cryptocurrency industry in general are still dealing with the pain caused by the demise of the crypto trading platform FTX.
Despite this, Robert Kiyosaki, author of the bestseller Rich Dad, Poor Dad, remains optimistic about the long-term viability of Bitcoin and Ethereum.
Kiyosaki pointed out that the two largest cryptocurrencies by market capitalization cannot be held responsible for the behavior of former FTX CEO Sam Bankman-Fried.
BTC hit a two-year low last week, losing nearly 20% of its value, as the cryptocurrency market was hit by the stock market collapse.
The second largest cryptocurrency, Ethereum, has also fallen by more than 23% over the past week.
R. Kiyosaki is bullish about Bitcoin. Image: BuyUCoin
Keeping the Faith in Bitcoin
The value of the cryptocurrency market has fallen by more than $1.4 trillion this year, as the sector has been plagued by problems such as business failures and a liquidity problem, which has been exacerbated by FTX’s fall.
A week ago, Kiyosaki claimed that he would consider a significant drop in Bitcoin’s price as a possibility and not cause for fear.
Last week’s broadcast of the Rich Dad Radio Show included the best-selling author discussing the FTX debacle and bitcoin with guest Mark Moss.
Image: Coin Culture
According to Kiyosaki, many individuals in his age group are turning their backs on cryptocurrencies, especially after the recent crisis, but he remains optimistic:
“I remain bullish on bitcoin … Bitcoin is not the same as Sam Bankman-Fried. Bitcoin is not the problem – FTX is.”
Kiyosaki has remained one of the most outspoken proponents of cryptocurrencies, primarily Bitcoin, which he confirmed in an interview that he had acquired for approximately $6,000 and still retains the holdings.
It’s not crypto’s fault
He emphasized that the crypto cannot be blamed for the failure of FTX and Bankman-Fried, in the same way that silver cannot be blamed for the mismanagement of precious metals exchange-traded funds (ETFs).
The latest crypto issues arose when Binance CEO Changpeng Zhao announced that his exchange will sell its FTT tokens.
FTT is the original cryptocurrency of the FTX cryptocurrency exchange. The action by Binance triggered the collapse of FTX, a business previously valued at $32 billion. Since then, FTX has filed for bankruptcy.
Kevin O’Leary, nicknamed “Mr. Wonderful,” a Canadian businessman, entrepreneur and TV personality, referred to SBF as the “Warren Buffett of bitcoin,” but Kiyosaki has referred to him as the “Bernie Madoff of cryptocurrency,” instead.
Bernard Lawrence Madoff was an American fraudster and financier who carried out the largest Ponzi scheme in history, totaling nearly $65 billion.
The US Department of Justice, the Securities and Exchange Commission and the Commodity Futures Trading Commission are now investigating FTX.
Crypto total market cap at $796 billion on the daily chart | Featured image from SBS, Chart: TradingView.com
