The author of the most popular financial book entitled “Rich Dad, Poor Dad,” Robert Kiyosaki responded to Warren Buffett’s right-hand man at Berkshire Hathaway, Charlie Munger, who called for a ban on investing in bitcoin (BTC).
Kiyosaki said that Munger still idolizes stocks and the traditional financial system for investing. Meanwhile, the younger generation is more suitable for investing in cryptocurrencies because of the legitimacy of their accounting system. Furthermore, Kiyosaki explained that Munger’s pessimism towards cryptocurrencies can be attributed to its alignment with Wall Street’s “FED treasury crowd.” Kiyosaki further argues that focus should not be placed on the price movements of cryptocurrencies but on the underlying technology.
“Charlie would probably still say buy stocks, but the reason I like crypto, not Bitcoin, is because of blockchain, and blockchain is an accounting system. It is more legit than the fed or treasury or Wall Street, so Charlie Munger is in the Wall Street treasury FED crowd, and the younger generation, millennials and below, are in the iPhone crowd,” said Kiyosaki.
Kiyosaki’s comments come in response to Munger’s previous statement in which the Berkshire Hathaway co-chair broadened his criticism of Bitcoin while suggesting that people who oppose banning digital assets are ‘idiots’.