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 tech expert, Entrepreneur and the person behind Tesla, SpaceX, and X. He is hailed as one of the leading influencers of crypto. His tweets, especially for Bitcoin (BTC) and Dogecoin (DOGE), can move the crypto market upside-down.   Recently, Musk flipped an idea of integrating crypto payments with X. This move will futher facilitate crypto payments and make the X a 'Super App'.   He often participates in crypto debates and wants to educate investors about blockchain technology and the benefits of DeFi. He also supports Trump's crypto prospectives and wants a clear policy for the same.   Quick Facts   Full name Elon Reeve Musk Birth 28-07-1971, 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   2020 – Tesla gained interest and backed Bitcoin   2021 – Elon Musk’s Tesla purchases $1.5B worth of Bitcoin. Accepts it as a payment method   2022 – Boosts Dogecoin (DOGE) as its integration is tested in Tesla's commodities assets   2023 – Announced crypto payment attributes for X   2024 – Advocated for crypto-based financial infrastructure at global occasions.   NAsales@teslamotors.com EntrepreneurInvestorChief Executive Officer and Donald Trump Donald Trump   Donald J. Trump is a US-based entrepreneur, Pro-crypto Politician, and the 45th and 47th President of the United States of America. He understands the importance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto leader.   Quick Facts   Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Known For Businessman, Pro-Crypto Politician   Once doubtful about Bitcoindominance, 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 kitty. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.   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 – Criticized Bitcoin and Libra on X, dubbing them as "not money"   2024 – Campaign signals potential openness to crypto-friendly reforms   2025 –  Elected as the 47th President of the United States from the Republican Party.   A meme coin, $TRUMP, is associated with Donald Trump, which is listed on the Solana blockchain platform. His family also backs World Liberty Financial (WLF), a crypto venture.     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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