- Kiyosaki and Sharon Lechter wrote the book “Rich Dad, Poor Dad” in 1997.
- Bitcoin has been recognized as a commodity by the CFTC’s chairman, Rostin Behnam.
Robert Kiyosaki, the author of the book Rich Dad, Poor Dad, has highlighted the fundamental motivation for his investment in bitcoin. The famous author has speculated that limits imposed by the SEC would “crush” most other crypto tokens.
Kiyosaki and Sharon Lechter wrote the book “Rich Dad, Poor Dad” in 1997. The book marked nearly six years on the New York Times Best Seller List. The book has been translated into 51 languages and published in more than 109 countries. Where it has sold over 32 million copies.
Banking on Bitcoin as a Commodity
On Friday, Kiyosaki announced through Twitter that he will be purchasing bitcoin. Because Bitcoin “is classified as a commodity much like gold, silver, and oil. In addition, the U.S. Securities and Exchange Commission (SEC) has categorized bitcoin as a commodity whereas most other crypto tokens are securities, and the author of Rich Dad Poor Dad warned that “SEC regulations will crush most of them.” At the tweet’s conclusion, he said that he was investing in additional bitcoin.
Moreover, Gary Gensler, chairman of the SEC, has frequently characterized bitcoin as a commodity and the vast majority of crypto tokens as securities. Furthermore, Bitcoin has been recognized as a commodity by the CFTC’s chairman, Rostin Behnam.
In November, the Securities and Exchange Commission said that its Enforcement Division will not be diverting its attention away from cryptocurrencies. The SEC’s approach to crypto regulation, which centers on enforcement, has come under fire. After the terra/Luna crash in May, Gensler predicted that many cryptocurrency tokens will be unsuccessful.
