Kiyosaki Questions Future of Bitcoin and US Dollar After Citibank’s Blockchain Announcement

Following Citibank’s recent announcement about a new blockchain project, Robert Kiyosaki, the author of "Rich Dad Poor Dad," has raised questions about the future of Bitcoin and the US dollar. On Tuesday, Kiyosaki shared his thoughts on social media in response to Citibank’s initiative to tokenize client deposits to enhance cross-border transactions.

Citibank is looking to offer "real-time, always-on, next-generation transaction banking services" to its institutional clients through a service known as Citi Token Services. This initiative utilizes blockchain technology to turn customer deposits into digital tokens, potentially enabling round-the-clock, seamless payments through smart contracts.

In his online remarks, Kiyosaki pondered whether this development could undermine Bitcoin’s position as a faster and more efficient payment method compared to traditional banking systems. However, Robert J. Salvador, CEO of DigiBuild, argued that this advancement would not significantly impact Bitcoin or its value. He suggested it could actually promote greater cryptocurrency adoption and usage.

This latest announcement follows Kiyosaki’s earlier comments at the TOKEN2049 cryptocurrency conference in Singapore, where he claimed fiat money is "toast" and emphasized that cryptocurrency represents the future. He has consistently praised 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 further outlined in its recent ‘Securities Services Evolution’ white paper published in late August 2023. This document also pointed to the increasing confidence in digital currencies, including central bank digital currencies (CBDCs) and stablecoins.

This article was generated with the support of AI and reviewed by an editor.