"Bye Bye" to Bitcoin? Robert Kiyosaki Weighs In on Citibank's Citi Token Services
On Tuesday, renowned author and financial literacy advocate, Robert Kiyosaki, sparked off a spirited debate in the cryptocurrency sphere with his remarks on the future of Bitcoin and the US dollar.
The author, famed for his best-selling book "Rich Dad Poor Dad," shared his thoughts on the social media platform X, in response to Citibank's recent venture into blockchain technology.
Citibank, a subsidiary of the global financial services corporation Citigroup Inc., unveiled its Citi Token Services on September 18. Citibank's business solution will utilize blockchain technology to facilitate instant cross-border transactions by tokenizing customer deposits.
With the advent of Citi Token Services, Kiyosaki reflected on the potential ripple effects on Bitcoin and the US dollar.
"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 $?" he stated.
The decision by Citibank signifies a crucial leap towards advancing payment processing by incorporating smart contracts. By transforming customer deposits into digital tokens via a private blockchain, the bank will provide around-the-clock transaction banking services to its institutional clients.
Kiyosaki's question, hinting at the potential competition for Bitcoin, has caught the attention of industry experts. Some believe this development could be beneficial for the cryptocurrency, however.
Robert J. Salvador, the CEO of DigiBuild, noted that Citibank's venture doesn't necessarily pose a threat to Bitcoin. Instead, it might encourage wider adoption and use of cryptocurrencies.
Salvador maintained that the unique value proposition of
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