Famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says bitcoin isn’t the problem following the collapse of cryptocurrency exchange FTX. Kiyosaki thinks former FTX CEO Sam Bankman-Fried looks more like the Bernie Madoff of crypto than he does the Warren Buffett of crypto.
Robert Kiyosaki on Bitcoin, FTX Blowup, Bernie Madoff
Rich Dad Poor Dad author Robert Kiyosaki shared his thoughts on bitcoin, crashed crypto exchange FTX, and its former CEO Sam Bankman-Fried (SBF). FTX filed for bankruptcy last week and Bankman-Fried stepped down 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 bestseller list for more than six years. Over 32 million copies of the book have been sold in over 51 languages in over 109 countries.
Following the FTX implosion, many people rushed out of the crypto space, which led to strong selling in the market. However, Kiyosaki tweeted on Monday:
Bitcoin is 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 “very big problems.”
His tweet continues:
Gold, silver, bitcoin, police, veterans vital to our personal freedoms.
FTX is under investigation 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 his Ponzi scheme
Kiyosaki followed up with another tweet on Tuesday. The renowned author wrote, “WTF: FTX is Democrats’ biggest midterm donor,” adding:
Kevin O’Leary and Jim Cramer adored 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 and Hollywood get?
Madoff ran the largest Ponzi scheme in history, worth around $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 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 eerie similarities between FTX and Bankman-Fried and Bernie Madoff’s Ponzi scheme. She issued the following opinion:
Charming regulators and investors can distract [them] to dig in and see what’s really going on… It felt a lot like Bernie Madoff that way.
Meanwhile, Binance CEO Changpeng Zhao (CZ) said the FTX fiasco resembled the 2008 financial crisis, and former Treasury Secretary Larry Summers compared the crypto exchange’s implosion to the Enron fraud.
Shark Tank star Kevin O’Leary owns a stake in FTX and has signed a multi-year 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-biggest donor to Democrats in 2021-22, donating $39.8 million — second only to billionaire George Soros, according to political donor data from Open Secrets.
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.
What do you think of Robert Kiyosaki’s comments regarding bitcoin and FTX? Let us know in the comments section below.
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