‘Rich Dad’ R. Kiyosaki Responds to Billionaire Charlie Munger’s Call for Bitcoin Ban
Robert Kiyosaki, a prominent investor and author of the best-selling personal finance book “Rich Dad, Poor Dad”, has shared his views following US billionaire Charlie Munger’s call for a ban on cryptocurrencies such as Bitcoin (BTC).
Kiyosaki pointed out that while Munger may still favor stocks and traditional financial systems, the younger generation is embracing cryptocurrencies because of the legitimacy of their accounting system, he said during an interview with Stansberry Research on February 18.
The renowned finance teacher stated that Munger’s pessimism towards cryptocurrencies may be related to his alignment with the “FED treasury on Wall Street”. Kiyosaki further believed that the focus should not be placed on the price movement of cryptocurrencies, but on the underlying technology.
“Charlie will probably still say buy stocks, but the reason I like crypto, not Bitcoin, is because of blockchain, and blockchain is an accounting system. It’s more legitimate than the FED or the Treasury or Wall Street, so Charlie Munger is in the FED -treasury on Wall Street, and the younger generations, millennials and below, are in the iPhone crowd, Kiyosaki said.
Munger’s Bitcoin Criticism
Kiyosaki’s comments come in response to Munger’s earlier statement in which the Berkshire Hathaway (NYSE: BRK.A ) vice chairman expanded his criticism of Bitcoin while suggesting that people who oppose banning digital assets are “idiots.” He added that it is “just ridiculous” that anyone would invest in crypto.
Interestingly, the 99-year-old Munger stated that he was not proud of the US government for allowing cryptocurrencies.
“It’s not even slightly stupid, it’s hugely stupid, and of course it’s very dangerous, and of course the authorities were completely wrong to allow it. <...> And of course I’m not proud of my country for allowing this crap – well, I call it crypto crap. It is worthless, it is madness, it is not good, it will do nothing but harm, it is antisocial to allow it, he said.
Part of Munger’s criticism of Bitcoin is the asset’s potential to be used in criminal activities. In his view, cryptocurrencies are “partly a scam” and attractive to kidnappers.
Kiyosaki bullish on Bitcoin
On the other hand, Kiyosaki remains bullish on Bitcoin and his view remains undisturbed despite the fluctuations in the asset’s price.
As the best-selling author remains bullish on Bitcoin, he has warned of a bleak future expecting markets to crash. However, he advocates the continued accumulation of Bitcoin and at one point predicted that BTC holders would become richer.
As reported by Finbold, Kiyosaki projects that Bitcoin could trade at $500,000 by 2025, driven by the underperformance of the US dollar. Besides Bitcoin, the entrepreneur also advocates investments in precious metals such as gold and silver.
Featured image via Ben Shapiro’s YouTube
