‘Rich Dad, Poor Dad’ Author Suggests Bitcoin Could Be a Scam, But Doesn’t Dismiss Its Potential

Jimmy Aki
Last updated: | 2 min read
Robert Kiyosaki believes bitcoin could be a scam

Robert Kiyosaki, best known for his book “Rich Dad, Poor Dad” has voiced his support for Bitcoin once again. On March 26, he described Bitcoin as “the perfect asset at the right time” but noted that it could also be a scam or a Ponzi scheme.

The New York Times best-selling author, who has maintained a bullish stance on Bitcoin over the years, clarified that the potential of a Bitcoin scam is no more than any other fiat currency, including the US Dollar.

Robert Kiyosaki Tags US Dollar and Other Fiats as “Giant Ponzi Schemes”

Kiyosaki shared his concerns in an X post, arguing that Bitcoin could be a Ponzi scheme that might fall to zero. According to him, Bitcoin has the same tendency to depreciate as fiat currencies.

The author affirmed his undeterred support for Bitcoin by likening his optimism about the crypto asset to Metcalfe’s Law, a rule that states that the value of a network increases with the square of the number of its users.

In this instance, the “number of users” in the law are retail and institutional traders who use and adopt Bitcoin, making its network valuable.

It could be recalled that Robert Kiyosaki had predicted the price of Bitcoin to scale as high as $100,000 by the end of 2024.

Meanwhile, the concerns and optimism for Bitcoin came in the wake of his recent announcement he will purchase 10 more BTC before the Bitcoin halving in April — which will slash block rewards to 50%.

I’m other words, the halving will reduce the amount of BTC that will be mined daily from 900 to 450.

Kiyosaki also believes that most of the digital assets from the Ethereum network will cease to exist because they fail Metcafe’s law due to their lack of a strong network.

Bitcoin Scores All-Time-High Price Mark

While Bitcoin volatility is a major consideration for retail and institutional investors, Robert Kiyosaki’s measured outlooks and Metcafe’s concept underpin the growing confidence in Bitcoin’s long-term viability as an investment asset.

At press time, BTC trades at $69.700K per coin, recording 30.85% gains in the past 30 days.

Robert Kiyosaki
CoinMarketCap market data on BTC price movement

Interestingly, the asset has gained further traction due to spot Bitcoin exchange-traded funds (ETFs). While there have been recent outflows worth $942M, inflows are still strong at $12.3B. The soaring inflows of Bitcoin ETFs and speculations surrounding the upcoming Bitcoin halving drove BTC to an all-time high price of $73,750 on March 14, 2023.

As the cryptocurrency market continues to mature, Kiyosaki advised traders and investors to look out for valuable insights from experts on how to leverage new opportunities in the digital asset space, but most importantly, to find their own answers.