Bitcoin and the cryptocurrency trade typically are nonetheless dealing with the ache caused by the demise of the crypto buying and selling platform FTX.<\/p>\n
Despite this, Robert Kiyosaki<\/a>, creator of the very best-promoting Rich Dad, Poor Dad, stays optimistic concerning the lengthy-time period viability of Bitcoin and Ethereum.<\/p>\n Kiyosaki identified\u00a0that the 2 largest cryptocurrencies by market capitalization can’t be held accountable for the conduct of former FTX CEO Sam Bankman-Fried.<\/p>\n BTC struck a two-12 months low final week, shedding virtually 20% of its worth, because the cryptocurrency market was pummeled by the alternate\u2019s collapse.<\/p>\n The second-largest cryptocurrency, Ethereum, has additionally declined by greater than 23% in the course of the previous week.<\/p>\n 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.<\/p>\n Per week in the past, Kiyosaki claimed that he would contemplate a big decline in Bitcoin\u2019s value as a chance and never trigger for concern.<\/p>\n Last week\u2019s broadcast of the Rich Dad Radio Show included the very best-promoting creator discussing the FTX debacle and bitcoin with visitor Mark Moss.<\/p>\n According to Kiyosaki, many people in his age bracket are turning their backs on cryptocurrencies, particularly following the current disaster, however he stays optimistic:<\/a><\/p>\n \u201cI remain bullish on bitcoin\u2026 Bitcoin is not the same as\u00a0Sam Bankman-Fried. It\u2019s not bitcoin that\u2019s the problem \u2013 it\u2019s FTX.\u201d<\/strong><\/p>\n<\/blockquote>\n 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\u00a0nonetheless maintaining the asset.<\/p>\n He emphasised that the crypto\u00a0can’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).<\/p>\n The most up-to-date crypto troubles arose when Changpeng Zhao, CEO of Binance, introduced that his alternate will promote its FTT tokens.<\/p>\n 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.<\/p>\n Kevin O\u2019Leary, dubbed \u201cMr. Wonderful\u201d, a Canadian businessman, entrepreneur, and tv persona,\u00a0referred to SBF as \u201cthe Warren Buffett of bitcoin,\u201d\u00a0however, Kiyosaki has referred to him as \u201cthe Bernie Madoff<\/a> of cryptocurrency,\u201d\u00a0as an alternative.<\/p>\n Bernard Lawrence Madoff was an American con man and financier who perpetrated the most important Ponzi rip-off in historical past, totaling almost\u00a0$65\u00a0billion.<\/p>\n The US Justice Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission are actually investigating FTX.<\/p>\n![\"\"](\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2022\/11\/C1-20.png\")
<\/h2>\nR. Kiyosaki is bullish about Bitcoin. Image: BuyUCoin<\/pre>\n
Keeping The Faith On Bitcoin<\/h2>\n
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<\/p>\nImage: Coin Culture<\/pre>\n
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It\u2019s Not The Crypto\u2019s Fault<\/h2>\n
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Crypto whole market cap at $796 billion on the day by day chart | Featured picture from SBS, Chart: TradingView.com<\/a><\/pre>\n<\/div>\n