Bitcoin Is not The Downside – FTX Is

Bitcoin and the cryptocurrency trade basically are nonetheless dealing with the ache led to by the demise of the crypto buying and selling platform FTX.

Regardless of this, Robert Kiyosaki, writer of the best-selling Wealthy Dad, Poor Dad, stays optimistic concerning the long-term viability of Bitcoin and Ethereum.

Kiyosaki identified that the 2 largest cryptocurrencies by market capitalization can’t be held accountable for the conduct of former FTX CEO Sam Bankman-Fried.

BTC struck a two-year low final week, shedding virtually 20% of its worth, because the cryptocurrency market was pummeled by the change’s collapse.

The second-largest cryptocurrency, Ethereum, has additionally declined by greater than 23% throughout the previous week.

R. Kiyosaki is bullish about Bitcoin. Picture: BuyUCoin

Holding The Religion On Bitcoin

The worth of the cryptocurrency market has decreased by greater than $1.4 trillion this yr, because the sector has been troubled by points similar to enterprise failures and a liquidity drawback, which have been worsened by the downfall of FTX.

Every week in the past, Kiyosaki claimed that he would take into account a big decline in Bitcoin’s value as a possibility and never trigger for concern.

Final week’s broadcast of the Wealthy Dad Radio Present included the best-selling writer discussing the FTX debacle and bitcoin with visitor Mark Moss.

Picture: Coin Tradition

In response to Kiyosaki, many people in his age bracket are turning their backs on cryptocurrencies, particularly following the current disaster, however he stays optimistic:

“I stay bullish on bitcoin… Bitcoin isn’t the identical as Sam Bankman-Fried. It’s not bitcoin that’s the issue – it’s FTX.”

Kiyosaki has remained one of the vital outspoken proponents of cryptocurrencies, primarily Bitcoin, which he confirmed in an interview he had acquired for roughly $6,000 and is nonetheless retaining the asset.

It’s Not The Crypto’s Fault

He emphasised that the crypto can’t be faulted for the failure of FTX and Bankman-Fried, simply as silver can’t be blamed for the mismanagement of treasured metallic exchange-traded funds (ETFs).

The latest crypto troubles arose when Changpeng Zhao, CEO of Binance, introduced that his change will promote its FTT tokens.

FTT is the native cryptocurrency of the FTX cryptocurrency change. The motion by Binance triggered the collapse of FTX, a enterprise beforehand valued at $32 billion. Since then, FTX has filed for chapter.

Kevin O’Leary, dubbed “Mr. Fantastic”, a Canadian businessman, entrepreneur, and tv persona, referred to SBF as “the Warren Buffett of bitcoin,” however, Kiyosaki has referred to him as “the Bernie Madoff of cryptocurrency,” as a substitute.

Bernard Lawrence Madoff was an American con man and financier who perpetrated the biggest Ponzi rip-off in historical past, totaling practically $65 billion.

The US Justice Division, the Securities and Alternate Fee, and the Commodity Futures Buying and selling Fee are actually investigating FTX.

Crypto complete market cap at $796 billion on the every day chart | Featured picture from SBS, Chart: TradingView.com