Why Is Robert Kiyosaki Saying 'BYE BYE' To Bitcoin?

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Renowned author Robert Kiyosaki, best known for his book “Rich Dad Poor Dad,” has sparked a debate within the cryptocurrency and financial communities with his recent musings on the future of Bitcoin (BTC) and the US dollar. Kiyosaki’s contemplation arose in response to an announcement by Citibank regarding their foray into blockchain technology.

Citibank, a subsidiary of Citigroup Inc., unveiled its innovative Citi Token Services, a business solution designed to leverage blockchain for instantaneous cross-border transactions through the tokenization of client deposits.

Kiyosaki couldn’t help but wonder about the implications of this development for both Bitcoin and the traditional US dollar.

Robert Kiyosaki: Reflections On Citibank’s Blockchain Move

In a thought-provoking post shared on the social media platform X, Robert Kiyosaki expressed his concerns and asked: “Citibank announced today it is offering bank blockchain technology to turn institutional savings into Citibank tokens which can be used for instantaneous 24/7 cross border transactions. Bye bye BC & US $?”

BYE BYE Bitcoin & US Dollar? Citibank announced today it is offering bank block chain technology to turn institutional savings into Citibank tokens which can be used for instaneous 24/7 cross border transactions. Bye bye BC & US $?

— Robert Kiyosaki (@theRealKiyosaki) September 26, 2023

The launch of Citibank’s Citi Token Services marks a significant step toward revolutionizing payment processing with the integration of smart contracts. This service aims to provide real-time and always-on transaction banking services to institutional clients by converting customer deposits into digital tokens on a private blockchain.

Bitcoin pushing near the $27K border. Chart: TradingView.com

Exploring The Impact On Bitcoin And US Dollar

While the inquiry of Robert Kiyosaki suggests potential competition for Bitcoin, some industry experts see this as a boon for the cryptocurrency. DigiBuild CEO Robert J. Salvador noted that Citibank’s move doesn’t pose a threat to Bitcoin but instead contributes to the wider adoption and use of cryptocurrencies.

According to Salvador, Bitcoin’s value proposition remains unaltered, and its status as a faster and more convenient payment method continues to stand strong.

They’re putting USD on a private blockchain this doesn’t change anything for Bitcoin or it’s value proposition.

If anything it continues to drive adoption and on useage of crypto

— Robert J Salvador (@RobertJSalvador) September 26, 2023

The sentiments of Robert Kiyosaki toward Bitcoin have been no secret, as he regards it as “digital gold,” along with its physical counterparts, gold and silver. He firmly believes in the importance of these assets, often stating that Bitcoin is the “people’s money,” while gold and silver are “God’s money.”

Notably, Kiyosaki predicted in April that Bitcoin would surge to $100,000, emphasizing its unique place in the global financial landscape.

As the financial world continues to evolve with the advent of blockchain technology and digitization, the interplay between cryptocurrencies like Bitcoin and traditional financial institutions like Citibank will undoubtedly shape the future of global finance.

Kiyosaki’s contemplation serves as a testament to the ongoing transformation and innovation within the industry, leaving us to ponder the fate of Bitcoin and the greenback in this rapidly changing landscape.

Featured image from iStock

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