Robert Kiyosaki, author of the personal finance book “Rich Dad, Poor Dad,” remains bullish on Bitcoin and Ethereum, despite the market still reeling from the major crisis that erupted from the crypto trading platform FTX.
As Kiyosaki indicated in an interview with iHeart radio host and ‘Uncommunist Manifesto’ author Mark Moss, released on Nov. 21, he does not believe FTX to be emblematic of the broader crypto sector.
“I’m still bullish on Bitcoin but don’t consider silver and the silver ETF the same thing. And Bitcoin is not the same as Sam Bankman-Fried. (…) It’s FTX that’s the problem,” he stated.
Kiyosaki claims that a large number of individuals of his age group are avoiding cryptocurrency, particularly following the most recent crisis; yet, he continues to have faith in the industry.
“I’m still in favor of Bitcoin,” said Kiyosaki. “I’m not against it as many people in my genre, in my age group, are, because I think Bitcoin is solid. I’m actually more into blockchain and I do own Ethereum.”
What Happened To FTX?
When Sam Bankman-cryptocurrency Fried’s exchange temporarily stopped processing withdrawals, citing a lack of liquidity as the cause, it set off a chain reaction that has wreaked havoc across the entire cryptocurrency market. As a result of the instability that followed, the price of the vast majority of decentralized finance (DeFi) tokens, including Bitcoin and Ethereum, experienced a significant drop.
According to the charts, Bitcoin was trading at $15,699 at the time of this publication, which marked a break through the previous support level of $15,800. Bitcoin suffered a loss of 2.07% on the day and 7.13% over the course of the preceding week.
In addition to Kiyosaki, Bill Ackman, manager of a hedge fund, recently claimed that he is undeterred by the recent collapse of the FTX and the accompanying market instability. Nonetheless, he stressed the importance of increasing regulation and eliminating “fraudulent actors” in the industry.