Today in crypto, Robert Kiyosaki argues a global cash shortage is driving the market crash and says he’s holding Bitcoin and gold, crypto executive Jeff Park voiced support for the CFTC taking the lead on crypto regulation. Meanwhile, Tether expanded its commodities lending strategy, with $1.5 billion already deployed to traders.
Robert Kiyosaki says cash crunch driving crash, stays bullish on Bitcoin, gold
Robert Kiyosaki, author of Rich Dad Poor Dad, has told his 2.8 million followers on X that he is not selling his Bitcoin or gold despite the sharp decline.
“The everything bubbles are bursting,” he said in a Saturday post, adding that the real reason markets are falling is a global cash shortage. “The cause of all markets crashing is the world is in need of cash,” he added.
Kiyosaki said he expects what he calls “The Big Print,” citing Lawrence Lepard’s thesis that governments will resort to massive money creation to cover mounting debt loads.
“The Bug Print is about to begin… which will make gold, silver, Bitcoin, and Ethereum more valuable… as fake money crashes,” he said. He advised those who do need cash to consider selling some assets, claiming most panic stems from liquidity needs rather than conviction.
Crypto oversight by CFTC over SEC is ‘directionally correct’ — Jeff Park
Despite some complexities around the recently proposed crypto market structure bill, a clearer picture is starting to form regarding crypto market oversight, according to ProCap BTC chief investment officer Jeff Park.
“The CFTC will own a larger domain over crypto than the SEC,” Park said during an interview with crypto entrepreneur Anthony Pompliano published on YouTube on Friday, while emphasizing that there is still “lots of complexity with different stakeholders.”
“I think that is directionally correct in my opinion,” he said. “The CFTC is in the business of financial innovation at large, and it is in the business of managing capital efficiency, and leverage and derivatives products,” he said, explaining that aligns with what the crypto industry is building, a new settlement layer that brings capital efficiency at different speeds.
Park also said that treating crypto as a commodity is consistent with the international nature of the market.
Tether to accelerate push into commodity lending with cash, USDt credit
Stablecoin issuer Tether is expanding its presence in commodity lending, with billions of dollars already deployed in the sector, according to CEO Paolo Ardoino.
In an interview with Bloomberg, Ardoino said Tether has extended about $1.5 billion in credit to commodities traders so far, providing financing in both cash and its USDt (USDT) stablecoin.
The company is targeting traditional commodity trades, including agricultural products and oil, and plans to increase its exposure. “We are going to expand dramatically,” Ardoino said.
The lending activity falls within Tether’s recently launched Trade Finance unit — a business line that typically focuses on short-term credit used to facilitate the movement of goods across global supply chains. In the commodities world, trade finance typically provides the funding traders need to purchase, transport and deliver cargoes.
Bloomberg reported that some companies may be hesitant to borrow in USDt rather than dollars, though that reluctance might be outweighed by Tether’s growing financial clout. With nearly $184 billion worth of USDt in circulation, Tether is now among the most profitable companies in the world on a per-employee basis.
Tether’s push into commodities builds on its existing footprint in the sector. Its tokenized gold product, Tether Gold, has surged in size during the bullion’s rally, and Ardoino recently said the company holds more than 100 tons of physical gold.
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