The well-known writer of the best-selling e-book Wealthy Dad Poor Dad, Robert Kiyosaki, says bitcoin will not be the issue following the collapse of cryptocurrency alternate FTX. Kiyosaki believes that former FTX CEO Sam Bankman-Fried is extra just like the Bernie Madoff of crypto than the Warren Buffett of crypto.
Robert Kiyosaki on Bitcoin, FTX Blowup, Bernie Madoff
The writer of Wealthy Dad Poor Dad, Robert Kiyosaki, has shared his ideas about bitcoin, the collapsed crypto alternate FTX, and its former CEO Sam Bankman-Fried (SBF). FTX filed for bankruptcy final week and Bankman-Fried stepped down because the CEO of the corporate.
Wealthy Dad Poor Dad is a 1997 e-book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Instances Greatest Vendor Checklist for over six years. Greater than 32 million copies of the e-book have been bought in over 51 languages throughout greater than 109 international locations.
Following the implosion of FTX, many individuals rushed to exit the crypto house, which led to heavy market sell-offs. Nonetheless, Kiyosaki tweeted Monday:
Bitcoin not the issue. Not more than gold, silver, oil trigger inflation.
In distinction, he claimed that the bankrupt crypto alternate, President Joe Biden’s household, the Federal Reserve, Marxist educators, and corrupt politicians are “actually huge issues.”
His tweet continues:
Gold, silver, bitcoin, police, veterans important for our private freedoms.
FTX is being investigated by a lot of authorities worldwide, together with the U.S. Division of Justice (DOJ), the Securities and Trade Fee (SEC), and the Commodity Futures Buying and selling Fee (CFTC).
Kiyosaki Compares FTX and Bankman-Fried to Bernie Madoff and His Ponzi Scheme
Kiyosaki adopted up with one other tweet Tuesday. The famend writer wrote, “WTF: FTX largest donator to Democrats for midterms,” including:
Kevin O’Leary & Jim Cramer raved about Sam Bankman-Fried calling him the Warren Buffett of crypto. SBF [is] extra like Bernie Madoff of crypto. How rather more corrupt can Silicon Valley & Hollywierd turn out to be?
Madoff ran the most important Ponzi scheme in historical past, value about $64.8 billion. He was convicted of fraud, cash laundering, and different associated crimes, and was sentenced to 150 years in federal jail. Madoff died in jail on April 14 final yr on the age of 82.
Kiyosaki will not be the one one who sees similarities between Bankman-Fried and Madoff. Sheila Bair, who chaired the Federal Deposit Insurance coverage Company (FDIC) through the 2008 monetary disaster, lately famous eerie similarities between FTX and Bankman-Fried and Bernie Madoff’s Ponzi scheme. She opined:
Charming regulators and buyers can distract [them] from digging in and seeing what’s actually happening … It felt very Bernie Madoff-like in that approach.
In the meantime, Binance CEO Changpeng Zhao (CZ) mentioned the FTX fiasco resembles the 2008 financial crisis, and former Treasury Secretary Larry Summers likened the crypto alternate’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 turn out to be the crypto alternate’s ambassador and spokesperson. His compensation was paid in crypto and managed on the FTX platform. Bankman-Fried is an enormous donor to the Democratic Social gathering. The previous FTX chief was the second-largest donor to the Democrats in 2021-22, donating $39.8 million — second solely to billionaire George Soros, in line with Open Secrets and techniques political donor knowledge.
Kiyosaki is a bitcoin investor. He has been recommending BTC for fairly a while. Final month, he defined why he buys bitcoin. In September, he urged buyers to get into crypto now earlier than the most important financial crash in historical past occurs.
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