Robert Kiyosaki, the author of “Rich Dad, Poor Dad,” claims that Bitcoin may be a Ponzi scheme
Author of “Rich Dad, Poor Dad” Robert Kiyosaki recently set the X social networking platform on edge when he did not completely rule out the idea that Bitcoin was a fraud, similar to a Ponzi scheme, fueling the never-ending controversy about the cryptocurrency’s legitimacy, according to U.Today.
Indeed. It’s probable that Bitcoin is a Ponzi scheme and a fraud, according to Kiyosaki in an X.
Though he has never held back from acknowledging that the once-heroic Bitcoin might suddenly crash to nothing, Kiyosaki is nonetheless bullish about the cryptocurrency’s impending meteoric rise.
The contentious financial expert previously predicted that the value of cryptocurrencies will soar, reaching $300,000 by the end of 2024.
In spite of reservations and doubts about the real nature of Bitcoin, Kiyosaki’s long-standing positive outlook is further reinforced by this prediction.
According to his piece, Metcalfe’s Law—which many consider to be a valuable model for Bitcoin—gives him hope. The rule assumes that the value of a given network increases exponentially with the number of participants, focusing on network effects.
Bitcoin is seen by proponents of Metcalfe Law as a social network for money. They claim that the more people who use Bitcoin, the more valuable it becomes, much like Facebook or any other online community. As more people use Bitcoin, its value grows due to this phenomenon known as the “network effect.”
According to Kiyosaki, the majority of cryptocurrency tokens associated with the Ethereum platform will vanish due to a weak network.
“That would like you belonging to a cell phone network with only you,” said Kiyosaki.
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