Robert Kiyosaki believes that US regulators will come down hard on most altcoins once they are classified as securities.
As such, the author of several best-selling books continues to invest only in bitcoin, which the CFTC and even the SEC have said is a commodity.
Kiyosaki on BTC and Altcoins
The 75-year-old American entrepreneur, author and investor changed his mind on the top cryptocurrency during the COVID-19-induced crisis, saying the asset had proven its worth in times of extreme uncertainty. He has taken every opportunity since then to praise BTC and advise people to start buying.
He has also compared bitcoin to gold and silver in the past, and did the same in his most recent Twitter post, which contained a question about whether he is investing in the digital asset. Kiyosaki sees a bleak future for most altcoins, as he believes they fall under the “securities” category.
At the same time, BTC has been classified as merchandise for years by the United States Commodity Futures Trading Commission. That is why Kiyosaki claimed that he continues to accumulate bitcoins.
Q: Are you investing in Bitcoin?
A: Yes, I am. I am 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’m buying more BC
— therealkiyosaki (@theRealKiyosaki) December 31, 2022
raw materials vs. Values
The cryptocurrency industry has been torn apart by US regulators trying to determine the nature of the largest assets. While the situation with bitcoin appears to be undeniableThe ongoing legal battle between the SEC and Ripple Labs over XRP continues to cast a dark shadow and generate uncertainty.
The case for the native Ethereum cryptocurrency is quite similar, and it became even more complicated after the blockchain. Join. Since the long-awaited transition from proof-of-work to proof-of-stake was completed, several U.S. officials have reclaimed that ETH could become a security now.
Even SEC Chairman Gary Gensler warned that stake could officially be considered an investment, making ETH a security and bringing it under the purview of his agency.