The post Bitcoin Might Be a Ponzi Scheme? Ex-Governor Blames Elon Musk & Trump for Big Lies appeared first on Coinpedia Fintech News 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. Social Security is not a Ponzi scheme. Bitcoin might be, but not Social Security. Social Security has never missed a payment in 90 years. – @MartinOMalley pic.twitter.com/4N3tqMDPVy — Social Security Works (@SSWorks) May 5, 2025 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.
