- Former Governor Martin O’Malley warns that Bitcoin might be a Ponzi scheme while defending Social Security from political attacks.
- He accuses Elon Musk and Donald Trump of spreading lies to undermine trust in the $2.6 trillion program.
At a fiery event hosted by Social Security Works, former Maryland Governor Martin O’Malley ignited controversy by claiming Bitcoin might be a Ponzi scheme — while strongly defending Social Security as one of the nation’s most trusted institutions.
O’Malley took aim at high-profile figures Elon Musk and Donald Trump, accusing them of spreading misinformation to undermine public confidence in Social Security. “If anything is a Ponzi scheme, it’s not Social Security — it’s Bitcoin,” he declared.
A Quiet War on Social Security
The former governor highlighted a troubling trend: the slow erosion of Social Security from within. Over 7,000 employees have already exited the agency, with nearly 10,000 more on the verge of departure. O’Malley stressed that these workers are essential — they connect millions of Americans to the benefits they’ve earned through retirement and disability programs.
He also debunked persistent myths: that undocumented immigrants receive Social Security (they don’t), that dead people are being paid (they aren’t), and the biggest myth of all — that the entire system is a Ponzi scheme.
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The $2.6 Trillion Target
O’Malley pointed to the program’s $2.6 trillion surplus as a tempting target for political opportunists. While Congress holds the keys to that vault, O’Malley accused figures like Musk and Trump of launching a misinformation campaign to make Americans turn on Social Security — and soften it up for future cuts or privatization.
“They can’t raid it directly,” he said. “So instead, they’re trying to make you believe it’s broken.”
Crypto vs. the Dollar
Meanwhile, Bitcoin advocates like Rich Dad Poor Dad author Robert Kiyosaki are ringing alarm bells about the U.S. economy. He warns of rising unemployment, excessive money printing, and a weakening dollar — and urges Americans to consider Bitcoin, gold, and silver as safe havens.
Bitcoin may be seen as “digital gold” by some, but O’Malley’s message is clear: beware of who’s selling the narrative — and ask what they have to gain.
