FTX: Robert Kiyosaki calls Sam Bankman-Fried, the “Bernie Madoff of crypto”.

Robert Kiyosaki, author of the book “Rich Dad, Poor Dad“, lashed out at former FTX CEO Sam Bankman-Fried in a November 15 tweet, calling him “Bernie Madoff of crypto” rather than “Warren Buffett of the crypto“, as Kevin O’Leary and Jim Kramer thought.

Notably, Madoff was an American fraudster and Wall Street financier who ran (probably for decades) the largest and perhaps most devastating Ponzi scheme in history, defrauding thousands of investors of approximately $64.8 billion.

Republicans and Democrats were always going to be in an uncomfortable position when it came to regulating the crypto space because of the tens of millions of dollars that several lawmakers collected from FTX CEO Sam Bankman-Fried and his top lieutenant, Ryan Salame, before the FTX platform collapsed last week.

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Robert Kiyosaki noted:

“How much more corrupt can Silicon Valley and Hollywierd become? Are they now paying to steal elections?”

More than $13 million was given by Bankman-Fried to dozens of politicians and campaign groups in 2022. While Democrats received the majority of Salame’s contributions, Republicans received about $24 million. Outside PACs associated with both men spent heavily: more than $23 million for Bankman-Fried Democrats and more than $12 million for Ryan Salame Republicans.

The week before, FTX filed for bankruptcy, and the company is now the subject of a multitude of investigations, with the level of scrutiny of how it handled consumer money increasing.

While government organizations like the SEC are pleading with Congress for additional oversight, crypto-currencies have mostly managed to escape regulation despite a meteoric rise in popularity. Many investors have lost significant amounts of money in previous crypto-currency collapses, and FTX is just the latest.

Robert Kiyosaki emphasizes that bitcoin is “not the problem.”

Nevertheless, Robert Kiyosaki stated that Bitcoin is ” not the problem “, as evidenced by a tweet he made on November 11; he believes that a potential drop in the price of Bitcoin to around $10,000 should be exciting, it is ” not worried “about the current trajectory of the crypto-currency price.

“BITCOIN ? INQUIRY? No. I am a bitcoin investor just like I am a physical gold, silver and real estate investor. I am NOT A TRADER or a flipper. When BITCOIN hits a new low, $10-12,000? I will be EXCITED, not worried.”

The author remains a long-term supporter of bitcoin, although the asset is moving in a prolonged bear market.

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