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Bitcoin Might Be a Ponzi Scheme? Ex-Governor Blames Elon Musk & Trump for Big Lies
By: bitcoin ethereum news|2025/05/06 19:00:02
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At a recent event by Social Security Works, former Maryland Governor Martin O’Malley didn’t hold back. He took a bold shot at Bitcoin, saying it might be a Ponzi scheme. While defending Social Security as one of America’s strongest programs, he warned that high-profile figures like Elon Musk Elon Musk Elon Musk is a well-known entrepreneur and inventor, widely recognized for his role in founding or leading several major companies, including Tesla, SpaceX, Neuralink, and The Boring Company. He’s also known for his ambitious goals around space exploration, electric vehicles, and the future of humanity. Musk is often a polarizing figure, admired for his innovation and vision, while also drawing criticism for his management style and controversial statements. The U.S. became the primary base for Musk’s career, and the tech scene in California played a significant role in shaping his professional trajectory. Personal Info:Organization: Ledger.Location: United States.Graduation: Musk earned two bachelor’s degrees, one from the College of Arts and Sciences in Physics and another from the Wharton School of Business. In Economics Experience: Zip2 Corporation, Co-founder X.com and PayPal Co-Founder & CEO SpaceX CDEO & Chief Engineer Tesla. Inc. CEO, Product Architect Neuralink co-founder, CEO The Boring Company Founder, CEO [email protected] Entrepreneur Investor Chief Executive Officer and Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President are trying to make Americans lose trust in Social Security. Social Security Under Quiet Attack According to O’Malley, Social Security has been under quiet attack, not by changing laws, but by slowly weakening it from the inside. He noted that 7,000 employees have already left, and nearly 10,000 more could soon follow. These workers aren’t just employees, they’re the ones who help millions of Americans access their retirement and disability benefits. Further, O’Malley listed several common myths, that undocumented immigrants receive benefits they don’t, that dead people get paid they don’t, and the biggest lie of all, that Social Security is a Ponzi scheme. “That’s nonsense,” O’Malley said firmly. “If anything, Bitcoin might be a Ponzi scheme, but not Social Security.” The $2.6 Trillion Temptation The former governor explained how powerful people like Elon Musk and Donald Trump lie to weaken Social Security’s reputation, and this is all a part of their larger plan. And this is all due to Social Security currently holding a $2.6 trillion surplus, making it one of the only U.S. government programs with a positive balance. O’Malley accused of having their eyes on that reserve, but knowing they can’t directly access it without a fight in Congress. So instead, he argues, they’re using a different tactic, spreading lies to turn the public against Social Security. Bitcoin as digital gold Bitcoin is often seen as a volatile cryptocurrency, but it’s also called “digital gold” because some believe it can protect against inflation. Supporters say Bitcoin’s fixed supply and decentralized nature make it special. Even one of the famous economists and the Rich Dad Poor Dad author, Robert Kiyosaki, warns that the economy is weakening fast. He says rising unemployment and money printing make the U.S. dollar unreliable. Instead, he urges people to protect their wealth with Bitcoin, gold, and silver. Source: https://coinpedia.org/news/bitcoin-might-be-a-ponzi-scheme-ex-governor-blames-elon-musk-trump-for-big-lies/
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