The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says bitcoin is not the problem following the collapse of cryptocurrency exchange FTX. Kiyosaki believes that former FTX CEO Sam Bankman-Fried is more like the Bernie Madoff of crypto than the Warren Buffett of crypto.
Robert Kiyosaki on Bitcoin, FTX Blowup, Bernie Madoff
The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his thoughts about bitcoin, the collapsed crypto exchange FTX, and its former CEO Sam Bankman-Fried (SBF). FTX filed for bankruptcy last week and Bankman-Fried stepped down as the CEO of the company.
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 over 51 languages across more than 109 countries.
Following the implosion of FTX, many people rushed to exit the crypto space, which led to heavy market sell-offs. However, Kiyosaki tweeted Monday:
Bitcoin not the problem. No more than gold, silver, oil cause inflation.
In contrast, he claimed that the bankrupt crypto exchange, President Joe Biden’s family, the Federal Reserve, Marxist educators, and corrupt politicians are “really big problems.”
His tweet continues:
Gold, silver, bitcoin, police, veterans vital for our personal freedoms.
FTX is being investigated by a number of authorities worldwide, including the U.S. 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 His Ponzi Scheme
Kiyosaki followed up with another tweet Tuesday. The renowned author wrote, “WTF: FTX largest donator to Democrats for midterms,” adding:
Kevin O’Leary & Jim Cramer raved about Sam Bankman-Fried calling him the Warren Buffett of crypto. SBF [is] more like Bernie Madoff of crypto. How much more corrupt can Silicon Valley & Hollywierd become?
Madoff ran the largest Ponzi scheme in history, worth about $64.8 billion. He was convicted of fraud, money laundering, and other related crimes, and was sentenced to 150 years in federal prison. Madoff died in prison on April 14 last year at the age of 82.
Kiyosaki is not 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 eerie similarities between FTX and Bankman-Fried and Bernie Madoff’s Ponzi scheme. She opined:
Charming regulators and investors can distract [them] from digging in and seeing what’s really going on … It felt very Bernie Madoff-like in that way.
Meanwhile, Binance CEO Changpeng Zhao (CZ) said the FTX fiasco resembles the 2008 financial crisis, and former Treasury Secretary Larry Summers likened the crypto exchange’s implosion to the Enron fraud.
Shark Tank star Kevin O’Leary has an equity stake in FTX and has signed a multiyear deal to become the crypto exchange’s ambassador and spokesperson. His compensation was paid in crypto and managed on the FTX platform. Bankman-Fried is a big donor to the Democratic Party. The former FTX chief was the second-largest donor to the Democrats in 2021-22, donating $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 quite some time. Last month, he explained why he buys bitcoin. In September, he urged investors to get into crypto now before the biggest economic crash in history happens.
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What do you think about the comments by Robert Kiyosaki regarding bitcoin and FTX? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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