Robert Kiyosaki Says Bitcoin Isn’t the Problem – Calls Former FTX CEO ‘Bernie Madoff of Crypto’ – Featured Bitcoin News

The well-known author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that bitcoin is not the problem after the collapse of the cryptocurrency exchange FTX. Kiyosaki believes 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

Rich Dad Poor Dad author Robert Kiyosaki has shared his thoughts on 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 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 bestseller list for over six years. More than 32 million copies of the book have been sold in over 51 languages ​​in more than 109 countries.

After the implosion of FTX, many people rushed to leave the crypto space, which led to a large sell-off in the market. However, Kiyosaki tweeted on Monday:

Bitcoin is not the problem. Nothing more than gold, silver, oil causes inflation.

In contrast, he argued that the bankrupt crypto 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 who are essential to our personal freedoms.

FTX is being investigated by a number of authorities worldwide, 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 acclaimed author wrote, “WTF: FTX biggest donor to midterm Democrats,” adding:

Kevin O’Leary and Jim Cramer raved about Sam Bankman-Fried calling him the Warren Buffett of crypto. SBF [is] more like the Bernie Madoff of crypto. How much more corrupt can Silicon Valley & Hollywierd 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 last year, aged 82.

Kiyosaki is not the only one who sees similarities between Bankman-Fried and Madoff. Sheila Bair, who headed 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 meant:

Charming regulators and investors can be distracting [them] from digging in and seeing what’s really going on … It felt very Bernie Madoff-esque in that way.

Meanwhile, Binance CEO Changpeng Zhao (CZ) said the FTX fiasco is similar to 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 has 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 major donor to the Democratic Party. The former FTX boss was the second-biggest donor to Democrats in 2021-22, donating $39.8 million — second only to billionaire George Soros, according to Open Secret’s 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 financial 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.

Kevin Helms

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 of economics and cryptography.