Popular author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that bitcoin was not an issue after the collapse of crypto 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 Explosions, Bernie Madoff
The author of Rich Dad Poor Dad, Robert Kiyosaki, shared his thoughts on bitcoin, the crashed crypto exchange FTX, and 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 Best Seller List for over six years. More than 32 million copies of the book have been sold in more than 51 languages in more than 109 countries.
After the FTX boom, many people rushed out of the crypto space, leading to a heavy sell-off in the market. However, Kiyosaki tweeted on Monday:
Bitcoin is not the problem. No more than gold, silver, oil causes inflation.
On the contrary, he stated that the bankrupt cryptocurrency exchange, the family of President Joe Biden, the Federal Reserve, Marxist educators and corrupt politicians are “problems”. really big”.
His tweet continued:
Gold, silver, bitcoin, police, veterans important to our individual freedoms.
FTX is under investigation 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 Plan
Kiyosaki followed up with another tweet on Tuesday. The famous author wrote, “WTF: FTX was the biggest donor to the Democratic Party in the midterm elections,” adding:
Kevin O’Leary & Jim Cramer praise Sam Bankman-Fried calling him the Warren Buffett of crypto. SBF [is] more like the Bernie Madoff of crypto. How corrupt can Silicon Valley & Hollywierd become?
Madoff ran the largest Ponzi scheme in history, worth about $64.8 billion. He was found guilty of fraud, money laundering and other related offenses, 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 to notice similarities between Bankman-Fried and Madoff. Sheila Bair, who chaired the Federal Deposit Insurance Corporation (FDIC) during the 2008 financial crisis, recently noted uncanny similarities between FTX and Bankman-Fried’s Ponzi scheme and Bernie Madoff. She expressed:
Charming managers and investors can distract [them] from digging in and seeing what’s really going on… In that way, it feels a lot like Bernie Madoff.
Meanwhile, Binance CEO Changpeng Zhao (CZ) said the failure of FTX resembled the 2008 financial crisis, and former Treasury Secretary Larry Summers likened the crypto exchange boom. with the Enron scam.
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 is paid in crypto and managed on the FTX platform. Bankman-Fried is a major donor to the Democratic Party. The former FTX exec is the second-largest donor to the Democratic Party for 2021-22, donating $39.8 million — second only to billionaire George Soros, according to political sponsor Open Secrets data.
Kiyosaki is a bitcoin investor. He has been recommending BTC for quite some time. Last month, he explained why he bought bitcoin. In September, he urged investors to get into crypto now before the biggest economic crash in history hits.