Robert Kiyosaki, a prominent investor and author of the best-selling personal finance book “Rich Dad, Poor Dad,” has shared his view after American billionaire Charlie Munger’s call for a ban on cryptocurrencies such as Bitcoin (BTC).
Kiyosaki pointed out that while Munger may still advocate for stocks and traditional finance 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 financial educator stated that Munger’s pessimism towards cryptocurrencies could be linked to his alignment with the ‘the FED treasury Wall Street crowd.’ Kiyosaki further opined that focus should not be placed on the price movement of cryptocurrencies but on the underlying technology.
“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 or the treasury or Wall Street, so Charlie Munger is in the FED treasury Wall Street crowd, and the younger generations, millennials and below, are in the iPhone crowd,” said Kiyosaki.
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 extended his criticism of Bitcoin while suggesting that people who oppose outlawing digital assets are ‘idiots’. He added that it’s ‘just ridiculous’ anybody would invest in crypto.
Interestingly, the 99-year-old Munger stated that he was not proud of the U.S. authorities for permitting 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, it’s 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 fraud’ and attractive to kidnappers.
Kiyosaki bullish on Bitcoin
On the other hand, Kiyosaki remains bullish on Bitcoin, with his view remaining undeterred despite the asset price fluctuation.
As the best-selling author remains bullish on Bitcoin, he has warned of a gloomy future expecting the markets to crash. However, he advocates for the continued accumulation of Bitcoin, and at some point, he projected that BTC holders would be richer.
As reported by Finbold, Kiyosaki projects Bitcoin might trade at $500,000 by 2025, fuelled by the underperformance of the United States dollar. Besides Bitcoin, the entrepreneur also advocates for investment in precious metals such as gold and silver.
Featured image via Ben Shapiro’s YouTube