The Former CEO Of FTX Was Compared To Bernie Madoff

Robert Kiyosaki, author of the best-selling book Rich Dad, Poor Dad, responded to the current state of the crypto market and FTX fluctuations. Kiyosaki stated that bitcoin is not an issue following the downfall of FTX, a crypto exchange. He assured the crypto users not to exit the crypto space because of FTX’s bankruptcy.

Recently, one of the FTX investors, Kevin O’Leary, and American-based popular author Jim Kramer raved about the former CEO of FTX, referring to him as the “Warren Buffet of crypto.” Kiyosaki, on the other hand, rejected Kevin’s perception of Sam Bankman Fried, claiming that Bankman was more akin to an American fraudster like Bernie Madoff, who was involved in one of the largest ponzi schemes.

As Kiyosaki was an investor in bitcoin, he supported bitcoin by stating that FTX’s bankruptcy would not impact the current market price of bitcoin. According to Kiyosaki, he lost trust in the United States Federal Reserve and Treasury agencies and administrations that are controlling the US dollar, which may result in the expansion of digital currencies that are not under the control of administrations across the nation.

He said bitcoin is not the main problem here; neither gold nor silver can cause inflation. But the problem was with the current United States president Joe Biden, bankrupt crypto exchanges, Marxist followers, and the US federal reserves are the main problems in the crypto industry.

Recently, he alerted the “Rich Dad Community” subscribers to start investing in cryptocurrencies before any crypto crash happens in the market. It is a suitable time to turn the poor into the rich ones. Two months ago, he predicted that all the stock markets, gold markets, and silver markets, including Bitcoin, were also going to crash.

He recommended investors invest in crypto, including gold and silver. Kiyosaki went on to say that he had been trying to invest in Bitcoin for several months prior to the cryptocurrency’s price reaching $1,100 (USD).

Kiyosaki’s main motto was that the best time to get rich is during a currency crash

Kevin O’Leary, the chairman of O’Shares and Beanstok, recently revealed his post-bankruptcy investments in FTX. Kevin holds an equity stake in the FTX crypto exchange and recently signed a deal to become an ambassador and spokesperson for FTX. He stated that the FTX downfall was an unacceptable situation, but it is common for investors to face both losses and profits.

“As an investor, you will never get it right every time. You will make some mistakes. Sometimes big ones like FTX. The point is to learn from them so you don’t repeat. Over time experience will get you to a place where you make more good investments than bad.”

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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