O’Malley: Bitcoin May Be Ponzi Scheme, Social Security Reliable

Former Maryland Governor Martin O’Malley recently made a bold statement at an event hosted by Social Security Works, asserting that Bitcoin might be a Ponzi scheme. He emphasized that Social Security, on the other hand, is one of America’s most reliable programs, having never missed a payment in its 90-year history. O’Malley warned that high-profile figures like Elon Musk and Donald Trump are attempting to erode public trust in Social Security through misinformation.

O’Malley highlighted that Social Security is under a subtle attack, not through legislative changes, but through internal weakening. He pointed out that 7,000 employees have already left the program, with nearly 10,000 more expected to follow. These workers are crucial as they assist millions of Americans in accessing their retirement and disability benefits. O’Malley debunked several myths surrounding Social Security, including claims that undocumented immigrants and deceased individuals receive benefits, and the notion that Social Security itself is a Ponzi scheme. He firmly stated that Bitcoin, not Social Security, might fit the description of a Ponzi scheme.

The former governor explained that powerful individuals like Elon Musk and Donald Trump are spreading false claims to damage Social Security’s reputation. This strategy is driven by the program’s $2.6 trillion surplus, making it a tempting target for those who seek to access these funds. O’Malley argued that these figures are using misinformation to turn public opinion against Social Security, as direct access to the surplus would require congressional approval.

Bitcoin, often viewed as a volatile cryptocurrency, is also referred to as “digital gold” by some who believe it can serve as a hedge against inflation. Proponents of Bitcoin argue that its fixed supply and decentralized nature make it a unique asset. Robert Kiyosaki, a renowned economist and author of Rich Dad Poor Dad, has warned about the weakening economy, citing rising unemployment and money printing as factors that undermine the reliability of the U.S. dollar. Kiyosaki advises protecting wealth through investments in Bitcoin, gold, and silver.