- Robert Kiyosaki has pondered the impact of a recent innovation by Citibank.
- Citibank announced introducing blockchain technology, turning institutional savings into Citibank tokens.
- Bitcoin supporters debunked Kiyosaki’s suspicion, saying Bitcoin is here to stay.
The renowned author of “Rich Dad Poor Dad”, Robert Kiyosaki, has pondered over the impact of a recent innovation by Citibank. In a recent post on X (formerly Twitter), Kiyosaki noted that Citibank announced introducing a bank blockchain technology to turn institutional savings into Citibank tokens, which can facilitate instantaneous cross-border transactions around the clock. Kiyosaki was interested in knowing if that could mean the end of Bitcoin and the US Dollar.
Kiyosaki’s post received counter-responses from X app users suspected to be Bitcoin supporters. The users countered his insinuation by offering opinions on Bitcoin’s sustainability and how Citibank’s innovation can run along with existing systems.
One such user, Shivam Sharma, noted that Citibank is another player in the digital assets industry offering tokens that act as a ledger. According to him, Bitcoin is an entirely different value proposition. Another user identified as Somto Jefferson Uwazie was more affirmative in his response. Uwazie said; “BTC is here to stay.”
On Monday, Citi announced the launch of its tokenization service for cash management for trade finance. Citibank designed the solution for institutional clients using blockchain technology and smart contracts.
According to Citi’s announcement, the smart contracts would serve the same purpose as bank guarantees and letters of credit. The announcement stated:
Institutional clients need ‘always-on,’ programmable financial services, and Citi Token Services will provide cross-border payments, liquidity, and automated trade finance solutions on a 24/7 basis.
Apart from Kiyosaki’s observation, there is hardly any notable impact of the new implementation by Citibank. The crypto market continued in its natural behavior over the past week, with a handful of crypto tokens making small rallies.
One of Kiyosaki’s respondents, Erik Dale, said he had to do a rare triple take before accepting that the renowned author was not being sarcastic with his post.
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