Kiyosaki questions Bitcoin and US dollar's future after Citibank's blockchain announcement

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Kiyosaki questions Bitcoin and US dollar's future after Citibank's blockchain announcement
Credit: © Reuters.

Following Citibank's recent announcement of a blockchain project, Robert Kiyosaki, author of "Rich Dad Poor Dad," has questioned the future of both Bitcoin (BTC) and the US dollar. On Tuesday, Kiyosaki expressed his concerns on social media platform X, reacting to Citibank's plan of tokenizing client deposits for faster cross-border transactions.

Citibank aims to provide "real-time, always-on, next-generation transaction banking services" to its institutional clients through this service called Citi Token Services. The service leverages blockchain technology to convert customer deposits into digital tokens. The tokenization project could facilitate round-the-clock swift and seamless payments using smart contracts.

In his post, Kiyosaki wondered if this move could threaten the position of Bitcoin as a faster and more convenient payment method than traditional banking. However, DigiBuild CEO Robert J. Salvador argued that this development wouldn't change anything for Bitcoin or its value proposition. He suggested that it might drive further adoption and usage of cryptocurrency.

This development comes after Kiyosaki's previous statement last week at the TOKEN2049 cryptocurrency conference in Singapore, where he proclaimed fiat money as "toast" and declared crypto as the way forward. He has previously shown admiration for gold, silver, and Bitcoin, referring to them as "God's money" and "people's money," respectively.

Citibank's interest in Distributed Ledger Technology (DLT) and digital asset offerings was highlighted in its recent 'Securities Services Evolution' white paper published in late August 2023. The paper also noted the growing confidence in digital money, including central bank digital currencies (CBDCs) and stablecoins.

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