Bitcoin Might Be a Ponzi Scheme? Ex-Governor Blames Elon Musk & Trump for Big Lies

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 technology expert, business leader, and the mind behind top corporations like Tesla and SpaceX. He is recognized as one of the leading influencers in the cryptocurrency industry. He encourages Bitcoin adoption, and his firm, Tesla, holds a substantial amount of Bitcoin. Musk also expressed support for Donald Trump during the U.S. Presidential elections.   He is one of the wealthiest people in the world and continuously involves himself in cutting-edge innovations. After conflicts with President Trump, Musk launched his party called the ‘American Party’, which also backs Bitcoin.   Quick Facts   Full name Elon Reeve Musk Birth 28-06-1971, Pretoria, South Africa Nationality American, South African, Canadian Education BA, BS from the University of Pennsylvania Known for Entrepreneur, Crypto Influencer   Elon Musk - Career Highlights & Events   2002 - Launched SpaceX for space exploration and became its CEO.   2023 – Announced crypto payment attributes for X   2024 – Advocated for crypto-based financial infrastructure at global occasions.   2025 - Established the American Party after disagreements with President Trump.   NAsales@teslamotors.com EntrepreneurInvestorChief Executive Officer and Donald Trump Donald Trump   Donald J. Trump is a US-based business tycoon,  pro-crypto politician, and 47th (present) President of the United States. He comprehends the significance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto politician.   Once doubtful about Bitcoin's dominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his pool. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.   Quick Facts   Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Famous For Business, Politics   Donald Trump - Career Highlights & Events   2016 – Elected as the 45th President of the United States from the Republican Party.   2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments   2019 – Slammed crypto king Bitcoin on X, calls it "not money".   2025 – A gala party was hosted by him for the top 220 Trump meme coin holders.   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.”

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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.

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