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Bitcoin and the cryptocurrency trade typically are nonetheless dealing with the ache caused by the demise of the crypto buying and selling platform FTX.

Despite this, Robert Kiyosaki, creator of the very best-promoting Rich Dad, Poor Dad, stays optimistic concerning the lengthy-time period 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-12 months low final week, shedding virtually 20% of its worth, because the cryptocurrency market was pummeled by the alternate’s collapse.

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

R. Kiyosaki is bullish about Bitcoin. Image: BuyUCoin

Keeping The Faith On Bitcoin

The worth of the cryptocurrency market has decreased by greater than $1.4 trillion this 12 months, because the sector has been troubled by points akin to enterprise failures and a liquidity drawback, which have been worsened by the downfall of FTX.

Per week in the past, Kiyosaki claimed that he would contemplate a big decline in Bitcoin’s value as a chance and never trigger for concern.

Last week’s broadcast of the Rich Dad Radio Show included the very best-promoting creator discussing the FTX debacle and bitcoin with visitor Mark Moss.

Image: Coin Culture

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

“I remain bullish on bitcoin… Bitcoin is not the same as Sam Bankman-Fried. It’s not bitcoin that’s the problem – it’s FTX.”

Kiyosaki has remained one of the outspoken proponents of cryptocurrencies, primarily Bitcoin, which he confirmed in an interview he had acquired for about $6,000 and is nonetheless maintaining 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 steel alternate-traded funds (ETFs).

The most up-to-date crypto troubles arose when Changpeng Zhao, CEO of Binance, introduced that his alternate will promote its FTT tokens.

FTT is the native cryptocurrency of the FTX cryptocurrency alternate. 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. Wonderful”, 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 an alternative.

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

The US Justice Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission are actually investigating FTX.

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