Robert Kiyosaki says 'BYE BYE Bitcoin and USD' after Citi launches tokenized deposits
|Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!|
(Kitco News) - Rich Dad Poor Dad author Robert Kiyosaki is causing a stir in some corners of the crypto ecosystem and broader financial system after a recent post where he mused about the future of Bitcoin in response to the announcement that Citibank would be launching its own blockchain-based deposit token.
“BYE BYE Bitcoin & US Dollar?” Kiyosaki tweeted. “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 $?”
Citibank announced the launch of Citi Token Services for cash management and trade finance on September 18, saying the service utilizes blockchain and smart contract technologies to deliver digital asset solutions for institutional clients and will integrate tokenized deposits and smart contracts into Citi’s global network to upgrade the firm’s core cash management and trade finance capabilities.
The move makes Citi the latest traditional bank to offer “tokenized deposits,” which are transferable digital coins that represent a claim against the bank. The main benefit of tokenized deposits is that they take place on the blockchain, which means settlement is instantaneous.
For Kiyosaki, the development – which comes on the heels of JPMorgan announcing that they are also in the process of exploring a blockchain-based deposit token – could have wider-reaching implications for both Bitcoin (BTC) and the U.S. dollar.
Kiyosaki likely posted his tweet in question form in an effort to generate conversation and doesn’t really see BTC or the USD threatened by bank deposit tokens; however, members of the crypto community engaged with the author to help provide clarity on the situation.
“They’re putting USD on a private blockchain this doesn’t change anything for Bitcoin or its value proposition,” said Robert Salvador, CEO of DigiBuild. “If anything it continues to drive adoption and usage of crypto.”
|SEC pushes spot Bitcoin ETF decision to 2024|
Kiyosaki has been a staunch supporter of Bitcoin for several years now as he sees the top crypto as the digital counterpart to gold and regularly recommends them along with silver and as the best investments to preserve wealth in economically challenging times.
“I am constantly asked ‘What price will gold, silver, or Bitcoin be in 2025,’” he tweeted on Sept. 19. “My reply is that is a silly question. [The] more important question is how many gold, silver, Bitcoins do you have TODAY? Gold, silver, and Bitcoin are bargains today… but not tomorrow. America is broke. Buy GSBC today before stocks, bonds, and real estate crash & people rush for GSBC.”
Earlier in the year, as the collapse of several banks had many wondering if the next global banking crisis was starting, Kiyosaki tweeted, “Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000, silver at $500 and Bitcoin at $500,000.”
When asked why, Kiyosaki said, “Because faith in the US dollar, fake money, will be destroyed. Gold and Silver are God's money. Bitcoin is the people’s money.”
On August 14, he tweeted that Bitcoin is going to $100,000 if the stock and bond market crash, and said if the world economy crashes, Bitcoin would hit a price of $1 million while gold would climb to $75,000 and silver would hit $60,000.