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, FTX Blueup, Bernie Madoff on Bitcoin
Rich Dad Poor Dad author Robert Kiyosaki shares his thoughts about bitcoin, 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 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.
After the FTX implosion, many people rushed to exit the crypto space, which led to a massive market selloff. However, Kiyosaki tweeted on Monday:
Bitcoin not the problem. No more than gold, silver, oil cause inflation.
In contrast, he claimed that bankrupt crypto exchanges, 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 vital for our personal freedoms.
FTX is under investigation by several 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 Tuesday. The renowned author wrote, “WTF: FTX largest donator to Democrats for midterms,” adding:
Kevin O’Leary and Jim Cramer praise Sam Bankman-Fried by calling him the Warren Buffett of crypto. sbf [is] Like the Bernie Madoff of crypto. How corrupt can Silicon Valley and Hollywood get?
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 alone in seeing parallels between Bankman-Fried and Madoff. Sheila Barr, who chaired the Federal Deposit Insurance Corporation (FDIC) during the 2008 financial crisis, recently drew eerie parallels between FTX and the Ponzi scheme of Bankman-Fried and Bernie Madoff. He said:
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 implications 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 now. Last month, he explained why he buys bitcoin. In September, he urged investors to get into cryptocurrencies before the biggest economic crash in history happened.
