Robert Kiyosaki, a prominent investor and author of the best-selling personal finance book “Rich Dad, Poor Dad.” has shared his view after American billionaire Charlie Munger’s call for a ban on cryptocurrencies such as Bitcoin (BTC).
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 said during an interview with Stansberry Research on February 18.
The renowned financial educator stated that Munger’s pessimism towards cryptocurrencies could be linked to his alignment with the ‘the FED treasury Wall Street crowd!
Kiyosaki further opined that focus should not be placed on the price movement of cryptocurrencies 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 Wall Street crowd, and the younger generations, millennials and below, are in the iPhone crowd,” said Kiyosaki.
Kiyosaki’s comments come in response to Munger’s earlier statement in which the Berkshire Hathaway (NYSE: BRK.A vice chairman extended his criticism of Bitcoin while suggesting that people who oppose outlawing digital assets are ‘idiots’. He added that it’s ‘just ridiculous’ anybody would invest in crypto.
Interestingly, the 99-year-old Munger stated that he was not proud of the U.S. authorities for permitting cryptocurrencies.
