Bitcoin and the cryptocurrency industry as a whole are still struggling with the pain caused by the demise of the FTX cryptocurrency trading platform.
Despite this, Robert Kiyosaki, bestselling author of 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 cap cannot be held responsible for the behavior of former FTX CEO Sam Bankman-Fried.
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BTC hit a two-year low last week, shedding nearly 20% of its value as the cryptocurrency market was hit by the stock market crash.
The second largest cryptocurrency, Ethereum, has also fallen over 23% in the past week.
A. Kiyosaki is optimistic about Bitcoin. Image: BuyUCoin
Keeping Faith in Bitcoin
The value of the cryptocurrency market has shrunk by more than $1.4 trillion this year as the sector has been plagued by issues such as corporate bankruptcies and liquidity issues exacerbated by the fall of FTX.
A week ago, Kiyosaki said that he would view a significant drop in the price of bitcoin as an opportunity, not as a cause for fear.
Last week on the Rich Dad radio show, the best-selling author discussed the FTX and Bitcoin debacle with guest Mark Moss.
Image: Cultural Corner
Many people his age are turning away from cryptocurrencies, especially after the recent crisis, Kiyosaki said, but he remains optimistic:
“I remain optimistic about Bitcoin… Bitcoin is not the same as Sam Bankman-Fried. The problem is not Bitcoin, but FTX.
Kiyosaki remains one of the most vocal supporters of cryptocurrencies, most notably bitcoin, which he confirmed in an interview that he acquired for around $6,000 and still owns the asset to this day.
Crypto is not to blame
He pointed out that crypto cannot be blamed for the failure of FTX and Bankman-Fried, just as silver cannot be blamed for the mismanagement of precious metals exchange-traded funds (ETFs).
The most recent cryptocurrency issues came when Changpeng Zhao, CEO of Binance, announced that his exchange would be selling its FTT tokens.
FTT is the native cryptocurrency of the FTX cryptocurrency exchange. Binance’s actions triggered the collapse of FTX, a company previously valued at $32 billion. FTX has since filed for bankruptcy.
Kevin O’Leary, nicknamed “Mr. Wonderful,” the Canadian businessman, entrepreneur, and television personality called SBF “Bitcoin’s Warren Buffett,” but Kiyosaki instead called him “Crypto’s Bernie Madoff.”
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 currently investigating FTX.
Cryptocurrency Total Market Capitalization on Daily Chart is $796 Trillion | Best Image by SBS, Chart: TradingView.com