News View Non-AMP

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

Published by
Mustafa Mulla

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 and Donald Trump 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.

FAQs

Is Social Security a Ponzi scheme?

No; Social Security is a transparent, pay-as-you-go system funded by payroll taxes, not a fraudulent investment scheme.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

Ethereum Flips Bullish While Shiba Inu Prepares for Next Leg Up; Experts Consider This AI-Driven Asset Manager as the Future of DeFi

The Ethereum price soared over 5% this week and surpassed $2,700, while the Shiba Inu…

May 31, 2025

Analysts Forecast Uptrend For Tron: Can the AI Investment Platform, Unilabs, Outshine Solana This Year

While the Tron price is trading at $0.27, top analyst Lennaert has forecasted a breakout…

May 31, 2025

Can $1,500 Turn into $100K? Comparing Ruvi AI (RUVI) and Ethereum’s (ETH) Potential for Explosive Gains

For investors navigating the dynamic world of cryptocurrency, the promise of transforming modest investments into…

May 31, 2025

While Trump’s Meme Coin Dinner Raises Red Flags, Graphite Network Builds for Transparency Over Favoritism

U.S. President Donald Trump held a black-tie dinner at his Virginia golf club for 25…

May 31, 2025

Top Cryptos to Watch in June 2025: TON, XRP, and Ozak AI in the Spotlight

As the digital asset market prepares for an eventful summer, Toncoin (TON), Ripple’s XRP, and…

May 31, 2025

Avalanche Price Breaks February Low — $20.07 In Danger As ETF Delay Triggers Bears

Key Takeaways: AVAX dropped 13.49% this week to $20.07, breaking February’s low and nearing the…

May 31, 2025