‘Rich Dad’ R. Kiyosaki says Bitcoin might be a Ponzi scheme
Robert Kiyosaki, a prominent investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has been an advocate for commodities such as gold and silver, and for the world’s premier cryptocurrency, Bitcoin (BTC) for many years.
On Tuesday, March 26, Kiyosaki took a different approach by making a post on X in the format of a conversation. In the internet play, the author admitted that Bitcoin might be a scam, that it can be attacked like any network, and that there is a chance of the cryptocurrency’s value dropping to $0.
Q: Is it possible that Bitcoin is a scam, a Ponzi scheme?
A: Yes. It is possible Bitcoin is a scam and a Ponzi scheme.
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Despite the provocative statements, Kiyosaki hasn’t given up on his Bitcoin bullishness. Instead, the post took some of the common criticism of Bitcoin and leveled it at other assets and, more than any other, at the American dollar (USD), which he has repeatedly called fake money in the past.
For example, Kiyosaki followed up on the possibility that BTC is a scam by saying that all fiat currencies are, at best, similar scams.
Bitcoin is not any more of a scam or a Ponzi scheme than the US Dollar, Euro, Yen, or any other “fake” or fiat currency.
Q: Are you saying the US dollar and other fiat currencies are scams?
A: Yes. Giant Ponzi schemes. All the US dollar is, is an IOU from America.
The author went on to present the U.S. government printing of $1 trillion each trimester to pay the bills – a claim originally made by Bank of America analysts – as proof of the administration’s ineptitude.
What does R. Kiyosaki recommend?
In the same post, Rober Kiyosaki took the time to recommend investors buy Bitcoin, gold, and silver as their best avenue to safeguard and grow their wealth, even starting the duodrama by stating his firm belief in the world’s foremost cryptocurrency:
Q: Are you a Bitcoin Bull?
A. Yes. Bitcoin is the perfect asset at the right time. I love Bitcoin. Wish I had bought more earlier.
On the matter of whether there is a danger of Bitcoin going to zero, Kiyosaki, as with the likelihood of BTC being a scam, pointed toward the danger of other fiat currencies also collapsing – a danger made manifest by the current inflation crisis, and various historic hyperinflation crises.
Kiyosaki stated that traders should buy Bitcoin, gold, and silver not only despite the danger but because of it.
Why does R. Kiyosaki like Bitcoin
Finally, Kiyosaki took the time to explain why he remains bullish about Bitcoin. The author pointed towards the ‘Metcalf’s Law’ – most likely referring to Metcalfe’s law:
Q: Why are you optimistic about Bitcoin?
A: Metcalf’s Law. Metcalf’s Law is a law about the power of “networks.” Bitcoin, like the US dollar, cell phone net works, and network marking business such as Amyway gain their core value from the strength of their network system. That’s the reason Metcalf’s Law is important and why I am bullish about Bitcoin and the US dollar.
Kiyosaki concluded by reaffirming that he practices what he is preaching – that he is heavily invested in the coin as well as in the two precious metals – but added that it is most important ‘for you to find your own answers.’
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