'Rich Dad' R. Kiyosaki reacts to billionaire Charlie Munger's call for a Bitcoin ban
Following American billionaire, Charlie Munger's call for a ban on cryptocurrencies such as Bitcoin, Robert Kiyosaki, a prominent investor and author of the best-selling personal finance book "Rich Dad, Poor Dad," has shared his thoughts (BTC).
While Munger may still advocate for stocks and traditional finance systems, Kiyosaki stated that the younger generation is embracing cryptocurrencies due to the legitimacy of their accounting system in an interview with Stansberry Research on February 18.
Munger's skepticism toward cryptocurrencies, according to the renowned financial educator, could be attributed to his affiliation with the "FED treasury Wall Street crowd." Kiyosaki went on to say that the focus should be on the underlying technology rather than the price movement of cryptocurrencies.
“Charlie would probably still say buy stocks, but the reason I like cryptos, not Bitcoin, is because of blockchain, and blockchain is an accounting system. It’s more legitimate than the Fed, the treasury or Wall Street, so Charlie Munger is in the FED treasury Wall Street crowd, and the younger generations, the millennials and below, are in the iPhone crowd" Kiyosaki explained.
Bitcoin criticism from Munger
Kiyosaki's comments come in response to Munger's earlier statement in which the Berkshire Hathaway (NYSE: BRK.A) vice chairman extended his criticism of Bitcoin while suggesting that people who oppose outlawing digital assets are 'idiots'. He went on to say that it's 'just ridiculous' that anyone would invest in cryptocurrency.
Surprisingly, the 99-year-old Munger stated that he was not proud of the US government for allowing cryptocurrencies.
"“It isn’t even slightly stupid, it’s massively stupid, and of course, it’s very dangerous, and of course, the governments were totally wrong to permit it." And of course, I am not proud of my country for allowing this crap — well, I call it crypto shit. It’s worthless, it’s crazy, it’s not good, it’ll do nothing but harm, and it’s antisocial to allow it,” he said.
Munger's criticism of Bitcoin includes the asset's potential use in criminal activities. In his view, cryptocurrencies are ‘partly fraud’ and attractive to kidnappers.
Kiyosaki is optimistic about Bitcoin
Kiyosaki, on the other hand, remains bullish on Bitcoin, his opinion unaffected by asset price fluctuations.
While the best-selling author remains bullish on Bitcoin, he has warned of a bleak future in which the markets are expected to crash. However, he advocates for continued Bitcoin accumulation, and at one point, he predicted that BTC holders would be richer.
According to Finbold, Kiyosaki believes Bitcoin will be worth R9 million by 2025, owing to the underperformance of the US dollar. Aside from Bitcoin, the entrepreneur promotes the purchase of precious metals such as gold and silver.
