Robert Kiyosaki, the best-selling author of the best-selling book Rich Dad Poor Dad, says that bitcoin is not a problem after the collapse of cryptocurrency exchange FTX. Kiyosaki believes that former FTX CEO Sam Bankman-Fried is more like Bernie Madoff than cryptocurrency. the Warren Buffett of cryptocurrency.
Robert Kiyosaki on Bitcoin, FTX Blowup, Bernie Madoff
Robert Kiyosaki, author of Rich Dad Poor Dad, shared his thoughts on bitcoin, collapsed cryptocurrency exchange FTX and its former CEO Sam Bankman-Fried (SBF). FTX filed for bankruptcy last week and Bankman-Fried resigned as the company’s CEO.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller list for over six years. More than 32 million copies of the book have been sold in more than 109 countries in more than 51 languages.
After the explosion of FTX, many people rushed to exit the cryptocurrency, which led to a heavy sell-off in the market. However, Kiyosaki tweeted on Monday:
Bitcoin is not the problem. Nothing causes inflation except gold, silver, oil.
In contrast, he argued that the bankrupt cryptocurrency exchange, President Joe Biden’s family, the Federal Reserve, Marxist teachers and corrupt politicians are “really big problems.”
His tweet continues:
Gold, silver, bitcoin, police, veterans are vital to our personal liberties.
FTX is being investigated by a number of authorities around the world, including the US Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Kiyosaki compares FTX and Bankman-Fried to Bernie Madoff and the Ponzi scheme
Kiyosaki followed up with another tweet on Tuesday. The well-known author wrote, “WTF: FTX biggest donor to Democrats for midterms,” adding:
Kevin O’Leary and Jim Cramer praised Sam Bankman-Fried for calling him the Warren Buffett of cryptocurrency. SBF [is] more like Bernie Madoff than cryptocurrency. How corrupt can Silicon Valley and Hollywierd get?
Madoff ran the largest Ponzi scheme in history, worth an estimated $64.8 billion. He was convicted of wire fraud, money laundering and other related crimes and sentenced to 150 years in federal prison. Madoff died in prison on April 14 last year at the age of 82.
Kiyosaki isn’t the only one who sees similarities between Bankman-Fried and Madoff. Sheila Bair, who chaired the Federal Deposit Insurance Corporation (FDIC) during the 2008 financial crisis, recently noted the eerie similarities between the FTX and the Ponzi scheme of Bankman-Fried and Bernie Madoff. He thought:
Attractive regulators and investors can be a distraction [them] from digging in and seeing what was really going on … It felt a lot like Bernie Madoff in that way.
Meanwhile, Binance CEO Changpeng Zhao (CZ) said the FTX fiasco was similar to the 2008 financial crisis, and former Treasury Secretary Larry Summers likened the crypto exchange implosion to the Enron scam.
Shark Tank star Kevin O’Leary owns an equity stake in FTX and has signed a multi-year deal to be an ambassador and spokesperson for the cryptocurrency exchange. His compensation was paid in cryptocurrency and managed on the FTX platform. Bankman-Fried is a major donor to the Democratic Party. The former FTX chief was the second-biggest donor to Democrats in 2021-22, giving $39.8 million — second only to billionaire George Soros, according to Open Secrets political donor data.
Kiyosaki is a bitcoin investor. He has been recommending BTC for a long time. Last month, he explained why he bought bitcoin. In September, he urged investors to get into cryptocurrency before the biggest economic crisis in history.
What do you think of Robert Kiyosaki’s comments regarding bitcoin and FTX? Let us know in the comment section below.
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