Bitcoin In Spotlight: Robert Kiyosaki Questions BTC’s Future Amid Citibank’s Blockchain Play

Samuel Edyme

1 year ago

3 mins read

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The financial sector was abuzz recently, with Citibank announcing a platform backed by blockchain technology to transform institutional savings into tokens. This news drew interest from various quarters, including prominent financial educator and “Rich Dad Poor Dad” author Robert Kiyosaki, who tied it to Bitcoin.

Using the X (formerly known as Twitter) platform, Kiyosaki expressed curiosity about the potential ramifications this could have for Bitcoin and the US dollar, igniting a flurry of responses from the online community.

Citibank’s Dive Into Tokenization

Citibank’s recent dive into the realm of blockchain technology marks a significant shift for the institution. Their new offering, a tokenization service, specifically focuses on cash management within the finance sphere.

This latest development is tailored to cater to institutional clients’ unique needs, leveraging blockchain technology’s features and smart contracts.

The announcement by the bank provides a deeper insight into the vision behind this initiative. According to the update, Citibank intends these smart contracts to act as modern substitutes for long-standing banking instruments like bank guarantees and letters of credit.

The decision symbolizes not just an adaptation to current technological trends but a response to the changing dynamics of the financial world. At its core, Citibank’s strategy revolves around recognizing and meeting the growing demand for ‘always-on,’ flexible financial services.

This demand comes in an age where businesses operate globally, and the need for instantaneous transactions is paramount. To address this, Citi Token Services is poised to change how institutions handle their finances.

The service promises to enable uninterrupted cross-border payments, ensure liquidity, and deliver automated trade finance solutions, all operating on a 24/7 basis.

Kiyosaki’s Inquiry And The Crypto Community’s Response

Kiyosaki’s inquiry on the X platform was straightforward: with Citibank’s new technological adoption, is this the end of Bitcoin and the US dollar as we know them? The crypto community was swift in its response, dismissing any looming threats to Bitcoin due to Citibank’s tokenization initiative.

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

Shivam Sharma, a user on the X platform, emphasized the unique value proposition of Bitcoin, noting that Citibank’s tokens are essentially digital ledgers. They operate in a different space, he suggests, from Bitcoin, which has carved its niche as a decentralized currency.

Another user with the handle Happenings NFT said:

A software is not an asset & other banks don’t trust other banks. Banks will need a third party to facilitate instant cross-border payments because they don’t trust each other. This is why the JPM coin didn’t work.”

Bitcoin (BTC) price chart on TradingView — Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Featured image from iStock, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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