Rather than Warren Buffet, FTX founder Sam Bankman-Fried (SBF) is the Bernie Madoff of crypto, said Robert Kiyosaki, investor, entrepreneur, and the best-selling author of Rich Dad Poor Dad. He also argued that bitcoin (BTC) is not an issue – in this or any other situation.
In a tweet on Wednesday, Kiyosaki touched upon the collapsed crypto exchange FTX and mentioned Bankman-Fried’s donations to political parties in the US. He turned his focus to businessmen and television personalities Kevin O’Leary’s and Jim Kramer’s comparison of the former FTX CEO to Warren Buffet – a famous American businessman, investor, and crypto critic.
Rather than Buffet, argued Kiyosaki,
“SBF more like Bernie Madoff of Crypto.
Bernie Madoff was an infamous American financier who executed the largest Ponzi scheme in history: over at least 17 years, he 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, who endorsed Donald Trump for the 2016 presidential elections and continues to support him, who co-authored two books with Trump, and who is an election denier, put FTX in the same ‘problematic’ group with US President Joe Biden and “Marxist educators.”
On the other side, opposite of these “big problems” as he called them, he put bitcoin, gold, silver, police, and veterans.
“BITCOIN not the problem,” he wrote.
Some were critical of Kiyosaki’s statements, however – not because he criticized FTX, or supported BTC, but because he dragged politics into it and a variety of unrelated issues.
In his latest tweet, until the time of writing, Kiyosaki’s again mentioned FTX in relation to American politics.
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 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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