Robert Kiyosaki scoops up Bitcoin before crypto regulations crush innovation – FXStreet

Robert Kiyosaki scoops up Bitcoin before crypto regulations crush innovation – FXStreet

Blockchain Crypto Market Technology
January 3, 2023 by Coinvasity
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Ekta Mourya FXStreet Follow Following Robert Kiyosaki, an American entrepreneur and author of Rich Dad and Poor Dad, is scooping up Bitcoin. Before crypto regulation becomes mainstream, Kiyosaki wants to accumulate Bitcoin. Also read: Bitcoin on track to be undervalued as stablecoin reserves drop to pre-2021 bull run levelsRobert Kiyosaki, the American entrepreneur, told his 2.3
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Ekta Mourya Ekta Mourya
FXStreet

Robert Kiyosaki, an American entrepreneur and author of Rich Dad and Poor Dad, is scooping up Bitcoin. Before crypto regulation becomes mainstream, Kiyosaki wants to accumulate Bitcoin. 
Also read: Bitcoin on track to be undervalued as stablecoin reserves drop to pre-2021 bull run levels
Robert Kiyosaki, the American entrepreneur, told his 2.3 million followers on Twitter that he is bullish on Bitcoin because BTC is a commodity, according to the US financial regulator, unlike most cryptocurrencies. 
Kiyosaki argues that the US Securities and Exchange Commission considers Bitcoin a commodity, and the asset would, therefore, not be impacted by the future actions of the regulator. The entrepreneur tells his followers on Twitter that the US SEC considers most altcoins as securities. This classification of tokens by the US financial regulator could stifle innovation in crypto. 
The entrepreneur explains that he is “very excited” about Bitcoin and considers the asset a commodity similar to gold, silver and oil. SEC’s regulations could crush altcoins, but BTC will likely survive crypto regulation. 
SEC Chair Gary Gensler has repeatedly affirmed that Bitcoin is a commodity and most other tokens are securities. Rostin Behnam, Chair of the Commodities Futures Trading Commission, confirmed that BTC is a commodity. The SEC’s enforcement division is focused on crypto, and the commission has been criticized for its approach to cryptocurrencies. 
The collapse of the FTX exchange, its bankruptcy and spreading contagion urged regulators to finalize a framework to regulate digital assets. Central banks worldwide are evaluating the need for stablecoin regulation and cryptocurrency taxation. Stablecoins are considered the entry point for traders; therefore, regulating assets like USD Tether (USDT) and USDC is the beginning of a wider framework for crypto regulation in 2023. 

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Bitcoin price shows a clear exhaustion of bullish trend after recovering above a stable support level. This move is likely setting up the stage for a rally for BTC bulls after a quiet end to 2022. 
Litecoin price displays convincing evidence that a countertrend rise could occur. Key levels have been defined to interpret LTC's potential move.
Cardano price shows strong bearish signals to start the new year. ADA could fall below $0.20 if market conditions persist. 
The crypto market produced mundane price action to close out 2022, as all three cryptocurrencies evaded the anticipated Santa Rally. 2023 could be due for more downward price action if the lackluster effort from bulls continues.
Bitcoin (BTC) price is traversing a channel that is sloping to the upside. Despite the consolidation, BTC is slowly climbing higher like clockwork. The recent Federal Open Market Committee (FOMC) Meeting on December 15 caused BTC to spike beyond the confines of the channel, but things are back to normal.
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