“Rich Dad” R. Kiyosaki Responds to Billionaire Charlie Munger’s Demand for a Bitcoin Ban

Robert Kiyosaki, a prominent investor and author of the best-selling personal finance book Rich Dad, Poor Dad, has shared his views on American billionaire Charlie Munger’s call for a ban on cryptocurrencies like Bitcoin (BTC).

Kiyosaki pointed out that while Munger still advocates stocks and traditional financial systems, the younger generation is embracing cryptocurrencies because of the legitimacy of their accounting system, he said in a Feb. 18 interview with Stansberry Research.

The renowned financial educator explained that Munger’s pessimism about cryptocurrencies may be related to his alignment with the “Fed Treasury Department’s Wall Street crowd.” Kiyosaki went on to say that the focus should not be on cryptocurrency price action, 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’s Wall Street crowd, and the younger generations, millennials and below, are in the iPhone crowd,” Kiyosaki said.

Munger’s bitcoin critique

Kiyosaki’s comments come in response to Munger’s earlier statement in which the vice chairman of Berkshire Hathaway (NYSE:BRK.A) expanded his criticism of Bitcoin and suggested that people who oppose the ban on digital assets are “idiots.” He added that it was “just ridiculous” that anyone would invest in crypto.

Interestingly, 99-year-old Munger stated that he was not proud of the US authorities for allowing cryptocurrencies.

“It’s not even a little stupid, it’s massively stupid, and of course it’s very dangerous, and of course governments were dead wrong for allowing that to happen. <…> And of course I’m not proud of my country for allowing this crap – well, I call it crypto shit. It’s worthless, it’s crazy, it’s no good, it won’t do anything 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 for criminal activity. In his view, cryptocurrencies are “partial fraud” and attractive to hijackers.

Kiyosaki is bullish on bitcoin

On the other hand, Kiyosaki remains bullish on Bitcoin, with his view remaining undeterred despite asset price swings.

As the best-selling author remains bullish on Bitcoin, he has warned of a bleak future and expects markets to collapse. However, he endorses Bitcoin’s continued accumulation and at one point predicted that BTC holders would be wealthier.

As reported by Finbold, Kiyosaki predicts that Bitcoin could trade at $500,000 by 2025, fueled by the US dollar’s underperformance. In addition to Bitcoin, the entrepreneur is also committed to investing in precious metals such as gold and silver.

Featured image via Ben Shapiro’s YouTube

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