By George Ward
The Bitcoin ban debate is one of the hot topics presently. Still, few people have had as much influence on the conversation as billionaire investor Charlie Munger. The Vice Chairman of Berkshire Hathaway, Charlie Munger, has been a vocal opponent of cryptocurrencies, referring to them as “noxious poison” and recommending them to be prohibited.
Yet, renowned financial author Robert Kiyosaki has disagreed with Munger’s notion of a Bitcoin ban. As a top financial expert, Kiyosaki is well-versed in investments and money.
Kiyosaki’s Stance
In an interview with Stansberry Research recently, Kiyosaki said that while Munger may still promote stocks and conventional financial investment systems, the younger population is adopting cryptocurrencies due to the credibility of their accounting mechanisms.
Kiyosaki argued that there is a growing acceptance of cryptocurrencies as more large companies like Tesla, Mastercard, and Microsoft are embracing them. The renowned financial educator suggested that Munger’s apprehension towards cryptocurrencies may be due to his association with the ‘F.E.D. treasury Wall Street crowd.’
He emphasized the importance of focusing on the technology behind cryptos rather than their price fluctuations.
“Charlie would still say buy stocks, but I like cryptos, not Bitcoin because blockchain is an accounting system more reliable than the F.E.D., Treasury and Wall Street. Charlie Munger is a part of the F.E.D. treasury Wall Street group. In contrast, the younger generations, millennials and below, are part of the iPhone crowd.”
Billionaire Charlie Munger’s Negative Stance on Bitcoin
Kiyosaki’s remarks are a reaction to Munger’s prior statement, in which the Berkshire Hathaway vice president continued to express his disapproval of Bitcoin and said those who disagree with banning digital assets are ‘foolish.’ He also said that it is ‘ridiculous’ for anyone to invest in cryptocurrency.
Munger, 99, expressed his dissatisfaction with the US authorities for tolerating cryptocurrencies. He stated that it is “massively stupid” and “perilous” for the government to allow it, as well as being “anti-social.”
Furthermore, he went on to dub them as “worthless,” “crazy,” and “not good,” and they “will do nothing but harm.” Munger also clarified his disapproval of Bitcoin, saying it could trigger an opportunity for illegal activities.
He considers cryptocurrencies ‘partly fraudulent’ and believes they are attractive to kidnappers.
Kiyosaki Remains Upbeat On Bitcoin
Kiyosaki has remained steadfast in his view of Bitcoin despite its price volatility. The renowned author envisages a bleak future ahead for the traditional financial markets.
Hence, he encourages the collection of Bitcoin, believing that BTC holders will become wealthier. Kiyosaki has projected that Bitcoin could peak at $500,000 by 2025 due to the weak US Dollar.
In addition to Bitcoin, Kiyosaki favors investing in gold and silver as valuable assets.