Rich Dad Poor Dad Robert Kiyosaki Calls FTX Founder ‘Bernie Madoff of Crypto’, Says ‘Bitcoin is Not the Problem’
Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad has called FTX founder Sam Bankman-Fried the 'Bernie Madoff of Crypto' in a recent tweet to his 2.2 million followers in response to the recent collapse of FTX exchange.
In a recent tweet, Kiyosaki opined on the collapsed crypto exchange FTX and mentioned Bankman-Fried's donations to political parties in the US.
He also turned his focus to television personalities Kevin O’Leary's and Jim Kramer's comparison of the former FTX CEO to Warren Buffet – a well-renowned American businessman, investor, and crypto critic. Instead, Kiyosaki called SBF the Bernie Madoff of crypto.
Bernie Madoff was an infamous American financier who executed the largest Ponzi scheme in history: over a period of around 17 years, Madoff defrauded thousands of investors out of some $65 billion. He was also chair of the Nasdaq stock exchange in the early 1990s. Madoff died in prison while serving a 150-year sentence for money laundering, securities fraud, and other felonies.
And Kiyosaki wasn't the only one to note similarities between these two. Sheila Bair, a top regulator during the 2008 financial crisis, who chaired the US Federal Deposit Insurance Corp. from 2006 to 2011, told CNN that there are "eerie similarities" between SBF and his FTX on the one hand, and Madoff and his Ponzi on the other.
Bair argued that
"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."
Bitcoin not the issue here
Kiyosaki, also mentioned that Bitcoin was not the issue and instead said that corrupt politicians are the biggest problem.
Notably, SBF was involved in the country's politics: he donated to both parties in the USA, and he was a top campaign contributor to Democrats in the 2022 election cycle.
As reported, on November 11, Bankman-Fried resigned, and the exchange filed for bankruptcy.
Furthermore, FTX is now under investigation by, among others, the US Justice Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
Meanwhile, just a week ago, Kiyosaki stated that he would view a major drop in BTC's price as an opportunity - not something to be concerned about.
At 10:00 UTC on Friday morning, BTC was trading at $16,752, up 1.3% in a day and down nearly 5% in a week. Overall, it's down 13% in a month and 72% in a year.
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