Rather than Warren Buffet, FTX creator Sam Bankman-Fried (SBF) is the Bernie Madoff of crypto, says Robert Kiyosaki, investor, entrepreneur, and the best-selling book of Rich Dad Poor Dad. In addition to this, he said that the cryptocurrency known as bitcoin (BTC) is not relevant in any way, shape, or form.
Kiyosaki made reference to the defunct cryptocurrency exchange FTX and brought up Bankman-contributions Fried’s to various political parties in the United States in a tweet that he sent on Wednesday. He then shifted his attention to the statements made by businesses and media celebrities Kevin O’Leary and Jim Kramer, who compared the former CEO of FTX to Warren Buffet, a well-known American businessman, investor, and skeptic of cryptocurrencies.
Instead of Buffet, Kiyosaki said, we should focus on
“SBF is becoming the Bernie Madoff of cryptocurrency.
Bernie Madoff was a notorious American banker who was responsible for operating the greatest Ponzi scheme in the annals of history. His operation took place over a period of at least 17 years, and it resulted in the theft of over $65 billion from thousands of investors. In the early 1990s, he also served as chairman of the board for the Nasdaq stock market. Madoff passed away while he was serving a sentence of one hundred and fifty years in jail for several felony offenses including money laundering and securities fraud.
And Kiyosaki wasn’t the only one who saw parallels between the two of them. Sheila Bair, who was a prominent regulator during the 2008 financial crisis and who oversaw the US Federal Deposit Insurance Corp. from 2006 to 2011, told CNN that there are “eerie parallels” between SBF and his FTX on the one hand and Madoff and his Ponzi scheme on the other.
Bair contended that,
“Captivating regulators and investors may prevent [them] from delving further and gaining a better understanding of what’s really taking place. In that respect, it was eerily reminiscent of Bernie Madoff.
Bitcoin isnt the problem here
Kiyosaki, who supported Donald Trump for president in the 2016 election and continues to support him, who co-authored two books with Trump, and who is an election denier, placed FTX in the same “problematic” category as US President Joe Biden and “Marxist professors.”
On the other side, opposite to these “major difficulties” as he described them, he wrote bitcoin, gold, silver, police, and veterans.
“BITCOIN not the issue,” he wrote.
However, there were many who disagreed with Kiyosaki’s views. It wasn’t because he was against FTX or for BTC; rather, it was because he brought politics and a number of other irrelevant problems into the discussion.
As of the time this article was written, Kiyosaki had just sent his most recent tweet, in which he once again brought up FTX in connection to political issues in the United States.
SBF was active in the political process of the nation; he gave money to candidates of all major parties in the United States, and in the election cycle of 2022, he was the top campaign donor for Democrats.
On November 11, it was announced that Bankman-Fried handed in his resignation, and the same day, the exchange submitted their bankruptcy paperwork. Furthermore, FTX is under investigation by, among others, the US Justice Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
In the meanwhile, only one week ago, Kiyosaki claimed that he would consider a significant decline in the price of BTC as an opportunity and not as anything to be worried about.
BTC was trading at $16,752 at 10:00 UTC on Friday morning, a 1.3% increase from the previous day but a roughly 5% decrease from the previous week’s high. Over the course of a month, it has decreased by 13%, and over the course of a year, it has decreased by 72%.
Compiled by Coinbold