Robert Kiyosaki, the bestselling author of “Rich Dad, Poor Dad,” has responded to billionaire Charlie Munger’s recent call to ban cryptocurrencies such as Bitcoin. During an interview with Stansberry Research on February 18, 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 also stated that Munger’s pessimism towards cryptocurrencies could be linked to his alignment with the “FED treasury Wall Street crowd.”
Kiyosaki further argued that focus should not be placed on the price movement of cryptocurrencies but on the underlying technology. He expressed his preference for cryptocurrencies like Bitcoin, which uses blockchain as an accounting system. According to Kiyosaki, blockchain is more legitimate than the Federal Reserve or Wall Street. He explained that Munger’s views were representative of the “older generation” who still favored traditional finance systems, while the younger generation is more interested in cryptocurrencies and blockchain 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.
Kiyosaki’s comments were in response to Munger’s earlier statement, in which the Berkshire Hathaway vice-chairman extended his criticism of Bitcoin while suggesting that people who oppose outlawing digital assets are “idiots.” Munger expressed his dislike for Bitcoin, labeling it as “crypto shit” and “worthless” during a Q&A session. He also stated that he was not proud of the U.S. authorities for permitting cryptocurrencies.
In conclusion, Kiyosaki’s comments reflect a growing divide between the older and younger generations regarding cryptocurrencies. While older investors like Munger remain skeptical of digital assets, younger investors like Kiyosaki are more interested in the underlying technology and see it as a viable alternative to traditional finance systems. As the cryptocurrency market continues to evolve, it remains to be seen which side will ultimately prevail.