“Rich Dad, Poor Dad” author Robert Kiyosaki hung the X social media platform on tenterhooks recently after not ruling out the possibility that Bitcoin was a scam like a Ponzi scheme, stoking the never-ending debate over Bitcoin’s credibility, U.Today reported.
“Yes. It is possible Bitcoin is a scam and a Ponzi scheme,” Kiyosaki said in an X.
Kiyosaki, who has never shied of admitting that that Bitcoin, which was now a hero could anytime plummet to zero, however remains optimistic about the cryptocurrency’s big surge in the near term.
The controversial financial guru recently prophesied a meteoric rise for the cryptocurrency, projecting it to hit $300,000 by the end of 2024.
This forecast only strengthens Kiyosaki’s long-standing bullish stance on Bitcoin in the face of concerns and questions over its true nature.
Per his post, his optimism draws strength from Metcalfe’s Law, which many see as a model of value for Bitcoin. The law, which zeroes in on network effects, postulates that the value of a certain network get an exponential boost with the increasing number of participants.
Those who have faith in Metcalfe’s Law deem Bitcoin as a social network for money. Just like Facebook or any online community, they assert, the more the Bitcoin users, the higher its value. This network effect, as it is called, multiplies Bitcoin’s worth as its adoption increases.
Kiyosaki also believes that most of the cryptocurrency tokens related to the Ethereum platform will cease to exist for the lack a strong network.
“That would like you belonging to a cell phone network with only you,” Kiyosaki noted.
