Robert Kiyosaki, a notable investor and author of the best-selling personal finance book “Rich Dad, Poor Dad,” has commented on Charlie Munger’s demand for a ban on Bitcoin and other cryptocurrencies.
During a February 18 interview with Stansberry Research, Kiyosaki said that although Munger may still advocate for equities and conventional financial systems, the younger generation is adopting cryptocurrency due to the validity of their accounting system.
The famous financial educator said that Munger’s negativity towards cryptocurrency may be attributed to his membership in ‘the FED Treasury Wall Street gang.’ Kiyosaki said that the emphasis should not be on the price fluctuations of cryptocurrencies, but rather on the underlying technology.
Kiyosaki’s remarks are in reaction to Munger’s previous speech, in which the vice chairman of Berkshire Hathaway (NYSE: BRK.A) amplified his criticism of Bitcoin and implied that those who oppose abolishing digital assets are “idiots.” He stated that it is ridiculous that anybody would invest in cryptocurrency.
Curiously, Munger, who is 99 years old, claimed that he was not pleased with the U.S. government for legalizing cryptocurrencies.
Munger’s critique of Bitcoin includes the asset’s potential for use in illegal operations. According to him, cryptocurrencies are “partially fraudulent” and appealing to kidnappers.
Kiyosaki, on the other hand, maintains an optimistic stance towards Bitcoin despite the asset’s fluctuating price.
Although the best-selling author remains optimistic about Bitcoin, he has predicted a grim future and warned of a market meltdown. Yet, he advocated for the continuous accumulation of Bitcoin, and he predicted that BTC holders will become wealthier at some time.
According to Finbold, Kiyosaki expects Bitcoin could trade at $500,000 by 2025, fueled by the underperformance of the U.S. dollar. In addition to Bitcoin, the entrepreneur also pushes for investments in gold and silver.
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